Argo
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Supply chain disruptions are impacting material costs and timelines, but the Biden administration’s legislation promises growth.
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The veteran executives will report to Argo commercial specialty president Gary Grose.
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The acquisition comes as Argo works to reduce volatility in its portfolio, including selling Ariel Re and shedding limits in its property book.
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The executive said during a Q3 earnings call that the company wouldn’t comment on market rumors related to the sale of its primary Lloyd's insurance business.
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The company shrank overall GWP by 1.6% to $876mn, weighed down by a 10% drop of in international premiums, though it grew its core lines of business in the US by 20%.
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Projects on hold are restarting, and materials prices are jumping 25% to 30%.
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The exit in London comes at a time of wider market discussion around the adequacy of cat pricing.
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The divestiture comes amid Argo’s drawback from international business.
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Activist investor Ron Bobman is pushing for quick turnaround and a potential quasi-fire sale of Argo, missing out on the firm's greater potential.
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Capital Returns Management has waged successful campaigns against Watford, FBL Group and FedNat.
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The business is being marketed by investment bank Morgan Stanley following last year's sale of Ariel Re.
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The sale is another step in the company’s remediate or exit strategy in the business lines where it hasn’t met its scale or pricing targets.
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