Argo
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Argo has also hired former RLI surety head Greg Chilson as an adviser. -
Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The charge was related to a reassessment of potential claims in professional lines, mostly from accident years 2019 and prior, and to losses from businesses Argo has exited.
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The companies expect to complete the transaction in the second half of the year, subject to regulatory approvals and customary closing conditions.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The firm’s US unit recorded $36.6mn of net unfavorable development in Q4 2022, compared with a $121.6mn charge in Q4 2021.
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S&P said the change reflected uncertainty around Argo’s risk appetite following its $1.1bn acquisition by Brookfield Reinsurance.
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The member joined the board in August 2022, two and a half years after ending his activist campaign against the carrier’s management.
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The ratings agency has placed under review with developing implications Argo’s A- financial strength ratings, as well as its credit ratings.
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