Reinsurance News
Argo Group
Argo reports highest operating income in ten years
3rd August 2021
Argo Group has reported second quarter net income attributable to common shareholders of $67.1 million, up from the $5.4 million reported in the prior year period. Operating income in the second quarter was $56.1 million compared to an operating loss of $3.6 million last year. Gross written premiums increased 2.0% to $815.3 ... Read the full article
Argo Group announces two senior promotions
9th July 2021
Specialty re/insurer Argo Group International Holdings has appointed Mary Henderson as president of Argo Pro and Rich Fachet as Senior Vice President, head of financial institutions. With over 25 years of experience in the insurance industry, Henderson joined Argo from Travelers Companies, where she spent 14 years serving in several roles, ... Read the full article
Argo announces departure of Nealon, Tonelli from board
26th March 2021
Speciality re/insurer Argo has announced the retirements of Kathleen Nealon and John Tonelli from the board of directors, effective immediately. This move precedes the company’s Annual General Meeting scheduled for May 6. Following this meeting, the size of company’s board is due to be reduced to 9 directors. “On behalf of the entire ... Read the full article
AM Best revises Argo Group’s outlooks to Stable
16th March 2021
AM Best has revised the outlooks to stable from negative and affirmed the financial strength rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Argo Re and its subsidiaries. The rating agency has also revised the outlooks to stable from negative and affirmed the ... Read the full article
Argo to reduce level of ceded reinsurance it purchases
15th March 2021
Argo Group is expecting to reduce the level of ceded reinsurance it purchases in 2021 and beyond by exiting poorly performing lines, exiting the reinsurance business and reducing its use of third-party capital layers. Speaking during an investor presentation last week, Argo’s Chief Financial Officer Scott Kirk ... Read the full article
Argo posts $19.7mn Q4 net loss
18th February 2021
Specialty re/insurer Argo Group has reported a fourth quarter 2020 net loss of $19.7 million, up from the $103.3 million loss posted for the prior year quarter. Operating loss in the fourth quarter was $18.2 million compared to an operating loss of $73.9 million for the prior year quarter. The company’s combined ... Read the full article
Argo names Aspen’s Scott Kirk as new CFO
9th February 2021
Argo Group International Holdings, Ltd. has announced that Scott Kirk has been appointed to succeed Jay Bullock as the firm's Chief Financial Officer (CFO), effective March 1st, 2021. Kirk joins the firm from Aspen Insurance Holdings Limited, where he served as CFO from 2014 to April 2020. Argo Group announced in ... Read the full article
Argo reports Q4 catastrophe and COVID-19 losses of $51mn
3rd February 2021
Argo Group International Holdings, Ltd. has announced that its fourth-quarter 2020 results will be adversely affected by estimated losses of $51 million related to various natural catastrophe events and the COVID-19 pandemic. The re/insurer expects natural catastrophe losses to amount to approximately $38 million in Q4, primarily driven by Hurricanes Delta ... Read the full article
Argo names Tom McCartney head of ceded reinsurance
29th January 2021
Specialty insurance and reinsurance firm Argo has announced the appointment of Tom McCartney as group head of ceded reinsurance. McCartney will be based in Chicago and succeeds Katie Partington Howarth, who has been named as the Chief Underwriting Officer (CUO) and Head of Reinsurance Products Division at AXIS Re. McCartney joined ... Read the full article
Argo to sell Italian operations to Swiss holding company Perfuturo
24th December 2020
Specialty insurer Argo Group has agreed to sell its Italian operations to Perfuturo Capital, a Swiss Holding Company. Perfuturo's purchase of of ArgoGlobal Assicurazioni S.p.A is subject to regulatory approval and expected to occur in early 2021. “We are confident that Perfuturo’s expertise and knowledge of the European market will allow AGA ... Read the full article
Ex-Argo CEO Mark Watson in $450,000 settlement with SEC
11th December 2020
Former Argo Chief Executive Mark Watson has agreed a $450,000 settlement with The Securities and Exchange Commision (SEC) after the specialty insurer was found to have bankrolled undisclosed executive perks and personal benefits that totalled an estimated cost of $5.3 million. The San Antonio Express News has reported that the SEC ... Read the full article
Argo adds five underwriters to environmental unit
11th December 2020
Argo Environmental, a member of Argo Group International Holdings, has appointed five new underwriters to bolster its US Environmental staff. The new hires include Joy Christie as vice president, Phillip Martell as assistant vice president, Jeff Chao as senior underwriter, Brandon Turner as underwriter, and Yuriy Cherepnya as underwriter. All join Argo ... Read the full article
Argo agrees Ariel Re sale to Pelican Ventures, JC Flowers
2nd November 2020
Argo Group has reached an agreement with Pelican Ventures and J.C. Flowers & Co that will see the two private equity investors acquire property and casualty reinsurance underwriter Ariel Re for an undisclosed sum. Terms for an operational partnership with Apollo Syndicate Management have been also agreed upon. The partnership will be ... Read the full article
Argo warns of $54mn catastrophe hit ahead of Q3 results
22nd October 2020
Speciality re/insurer Argo Group has warned that its third quarter results will be impacted by approximately $54 million of catastrophe losses, in addition to $17 million of losses due to COVID-19. Catastrophe losses will be primarily related to Hurricanes Hanna, Laura and Sally, as well as the US wildfires and Midwest ... Read the full article
ArgoGlobal announces RITC transaction with RiverStone
12th October 2020
ArgoGlobal, a Lloyd’s insurer and member of speciality reinsurer Argo Group, has entered into a reinsurance-to-close (RITC) transaction with legacy specialist RiverStone. The deal will see RiverStone undertake an RITC of ArgoGlobal’s Syndicate 1200 for 2017 and prior years with net technical provisions of £356 million. The transaction is expected to receive ... Read the full article
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