Argo
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Activist investors are successfully learning how to navigate a regulated industry.
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Kevin Rehnberg says the carrier is disappointed with the level of catastrophe losses but expects less volatility going forward.
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The US-focused specialty insurer dropped its core loss ratio by almost two points as it delivered its best underlying underwriting result since 2016.
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The program services company has added Argo’s head of construction.
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Claims from Winter Storm Uri will cost the carrier about $43mn, before tax.
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Landi has led Argo’s US management liability platform since his arrival at the business in 2016.
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Corrections to historical numbers push the net loss down to $58.7mn.
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The company thinks that business line optimization, underwriting enhancements, expense initiatives and tech will help it to hit new targets.
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The ratings agency has also affirmed the bbb- credit rating of Argo’s parent company.
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The CEO says he will put resources into the Argo's best performing lines of business, and take quick action in segments that fall short.
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The carrier expects to file the accounts within a 15-day extension window.
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The sale of the subsidiary is the latest step in CEO Kevin Rehnberg’s plan to dial down risk and free up capital at the carrier.
