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Reinsurance News

Argo Group

Argo criticises Voce’s latest call to replace board members

3rd December 2019

Specialty reinsurer Argo has criticised a recent attempt by its shareholder Voce to call a special general meeting in order to remove and replace five existing board members. An Argo statement released this week states that its board has been been constructively engaged with Voce, and continues to encourage its participation ... Read the full article

Argo outlook revised to negative by S&P

13th November 2019

Specialty reinsurer Argo has had its outlook revised from stable to negative by S&P Global Ratings amid ongoing governance-related issues. S&P says the recent retirement of Chief Executive Officer Mark Watson could suggest potential shortcomings in the company’s governance framework, including the effectiveness of board oversight. President of Argo Group US ... Read the full article

Argo’s “diminished credibility” prompts AM Best ratings review

8th November 2019

Ratings agency AM Best has placed specialty re/insurer Argo under review with negative implications due to “diminished credibility” among shareholders. In particular, AM Best questions the decision to keep an SEC inquiry confidential while undergoing an extensive internal investigation on compensation governance matters. Another concern for AM Best are the pending ... Read the full article

Voce accuses Argo board of ‘being asleep at switch for decades’

7th November 2019

Argo Group shareholder Voce Capital Management has described the specialty re/insurer’s board as having been “asleep at the switch for decades” and urged for immediate and sweeping changes at the company following the Read the full article

Argo announces new US reporting structure

1st November 2019

Specialty re/insurer Argo has announced a new reporting structure for the Americas aimed at maintaining operational excellence and providing additional senior leadership to the region. The new structure will be led by three newly appointed executive vice presidents, all of whom will report to Kevin Rehnberg, president, group Chief Administrative Officer ... Read the full article

Argo set to incur $42mn prior year reserve charge

30th October 2019

Argo Group International Holdings, Ltd. has announced that it is set to incur prior accident year losses of approximately $42 million – or 9.3 points – on its consolidated loss ratio for the third quarter of 2019. The company released a statement ahead of its Q3 results warning of the reserve ... Read the full article

S&P drops Argo outlook to “stable” on SEC subpoena

21st October 2019

S&P Global Ratings has dropped its outlook for Argo Group US and its subsidiaries from positive to stable, after the specialty re/insurer was issued with a subpoena by The US Securities and Exchange Commission. After news of the subpoena broke, Argo released a statement explaining that it was conducting an ... Read the full article

Voce accuses Argo of “evading responsibility” in wake of SEC subpoena

14th October 2019

Voce Capital Management has accused Argo Group's board of “evading responsibility” rather than acting in the best interests of the company and its stakeholders, days after the specialty re/insurer announced it had been issued with a subpoena by The US Securities and Exchange Commission. After news of the subpoena broke, Read the full article

Argo issued SEC subpoena over exec compensation

9th October 2019

Specialty re/insurer Argo has been subpoenaed by The US Securities and Exchange Commission over compensation practices for its executives, and is now conducting an internal review. This development is the latest chapter in what started as a messy back-and-forth between Argo and its fourth-largest shareholder Voce Capital Management. The public ... Read the full article

ArgoGlobal’s Lloyd’s Syndicate 1200 to exit Asia

2nd September 2019

Lloyd's of London insurer and member of Argo Group, ArgoGlobal, has announced plans to exit Syndicate 1200 underwriting operations in Asia and the majority of its hull underwriting business within the syndicate. The move comes as part of recent actions undertaken by the firm to improve profitability in the syndicate. In ... Read the full article

Argo Surety expands appetite, reshuffles senior leadership

27th August 2019

Specialty underwriter Argo Surety, part of re/insurer Argo Group, has announced a new and increased treasury listing capacity providing the firm with the ability to consider single bonds up to $100 million. Argo Surety has also expanded its appetite to support eligible customers for an aggregate surety bond program of up ... Read the full article

Argo to alter exec pay, shareholders to vote on board changes

9th August 2019

Specialty re/insurer Argo is to alter the way its executives are compensated, whilst also announcing a series of board proposals due to be put forward to shareholders. The move follows a messy back and forth between Argo and its fourth-largest shareholder Voce Capital Management, following accusations that the re/insurer’s Chief Executive ... Read the full article

Elevated current & prior-year losses dent Argo’s underwriting result in Q2

6th August 2019

Argo Group International Holdings has reported a combined ratio of 103.4% for the second-quarter of 2019, as elevated current and prior-year losses in its international operations failed to offset improved underwriting income in the U.S. Argo's Q2 2019 combined ratio weakened from the 96.3% recorded in the second-quarter of 2018, and ... Read the full article

ArgoGlobal adds active underwriter for Syndicate 1200

29th July 2019

Lloyd's of London insurer and member of Argo Group, ArgoGlobal has appointed John Moffatt as an active underwriter for Syndicate 1200, reporting to Matt Harris, group head of International operations. Moffatt's appointment remains subject to regulatory approval, and sees him move from his previous role with ArgoGlobal as the head of ... Read the full article

Argo warns of $32.5m casualty reserve impact & accident year losses

26th July 2019

Global specialty re/insurer Argo Group International Holdings Ltd. has revealed an expected $32.5 million hit to its second-quarter results, largely driven by reserve increases for its casualty business, as well as some current accident year losses as well. Argo warned that its second quarter of 2019 results will be impacted by ... Read the full article

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