Reinsurance News
Argo Group
Argo Group’s underwriting loss narrows in Q3 2021
3rd November 2021
Bermuda-based Argo Group International Holdings, Ltd. has reported net income of $19.8 million for the third quarter of 2021, compared with a loss of more than $25 million a year earlier, as the company's combined ratio improved by 9.8 percentage points in the period. Overall, Argo has returned to profit in ... Read the full article
Possible downgrade for Argo’s Lloyd’s Syndicate 1200
7th October 2021
Syndicate Research Limited has downgraded the B- (Below Average), negative outlook, Continuity Opinion of Lloyd's syndicate 1200 (Argo Managing Agency Limited) to C+ (Below Average) and placed the Continuity Opinion under review for possible downgrade. These actions are a result of mounting concerns regarding the group’s long-term commitment to the business. Syndicate ... Read the full article
Argo offloads Brazilian operations for $30mn
4th October 2021
Specialty insurance underwriter Argo Group International has announced its decision to sell it's Argo Brazilian arm to Spice PE, an investment company focused on global private equity investments, for a purchase price of roughly $29.8 million. Spice PE’s investments are managed by GP Advisors (Bermuda), Ltd., a wholly-owned subsidiary of GP ... Read the full article
Activist investor urges board to explore full sale of Argo Group
13th September 2021
One of Argo Group International Holdings, Ltd.'s largest shareholders, Capital Returns Management, LLC, has called on the re/insurer's Board of Directors to conduct a strategic alternatives review and consider a full sale of the company. The activist investor believes that Argo's assets and market position support a sale price of at ... Read the full article
Argo Group agrees to sell P&C business to Mesa Underwriters
31st August 2021
Argo Group International Holdings has entered into an agreement to sell the renewal rights of its contract binding property and casualty business to Mesa Underwriters Specialty Insurance Company (MUSIC), the excess and surplus lines subsidiary of Selective Insurance Group. As a part of the transaction, the Argo contract binding team will ... Read the full article
Argo CUO departs as leadership reshuffle announced
12th August 2021
Specialty insurer Argo has announced that Chief Underwriting Officer, Tim Carter, and head of international Matt Harris, have both left the company. Concurrently, A number of key appointments have been made, including the promotion of Susan Comparato to Chief Administrative Officer. Comparato will oversee the global business services and innovation teams, having ... Read the full article
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
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