Reinsurance News
Argo Group
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
Argo adopts new tech from AVYST to simplify distribution process
17th June 2019
Specialty re/insurer Argo Group International Holdings, Ltd has adopted technology from insurtech firm AVYST to improve the efficiency of its retail distribution processes. AVYST’s bi-directional forms system, eForms Wizard, enables clients and brokers to enter risk details just once, at the source, for automatic processing by Argo. By using this technology, Argo ... Read the full article
Voce accuses Argo of underhanded tactics, withdraws nominations
21st May 2019
Voce Capital Management has accused Argo of underhanded tactics that the firm states underscores its "culture of deception and entrenchment", as two states revoke their prior approvals of the filing of Voce's definitive proxy statement. The latest twist in the ongoing saga between the companies has cast doubt over Voce's ability to ... Read the full article