Argo
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Argo will initially front the business under a 100% quota agreement with ASU.
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The executive expects the Bermudian to start onboarding programs later in 2024 or early in 2025.
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“Unfortunately, it's a situation of getting rate to fund [the litigation costs] and being able to stay in the market long term,” Taylor told Insurance Insider US in an interview.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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In tandem, the Bermudian promoted David Corry and Greg Chilson to heads of casualty and professional lines, respectively.
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Current CEO Thomas Bradley, who announced his intention to retire on the closure of the deal, will receive a one-time cash bonus of $1.2mn.
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The Inside P&C news team runs you through the earnings results for the day.
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The appointment follows that of Williams and Drakontaidis as head of contract surety and head of commercial surety respectively.
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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 Inside P&C news team runs you through the earnings results for the day.
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Argo has also hired former RLI surety head Greg Chilson as an adviser.
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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 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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Inside P&C’s news team runs you through the key highlights of the week.
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Analysis of Argo’s valuation suggests this is a rich multiple when accounting for potential reserving noise.
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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 reinsurer said in its Q4 earnings call that Argo’s takeover further diversifies its operations and adds a foundational piece to its expanding P&C activity in the US.
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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 consideration represents a 48.7% premium to Argo’s share price before the sale of its Lloyd’s business.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Enstar is conducting due diligence around taking on the rest of the Argo back book.
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Activist investor Capital Returns had nominated Ron Bobman and David Michelson, but withdrew the nominations on Monday.
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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 withdrawals of the activist investors have come just three days before the insurer’s annual shareholder meeting.
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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 carrier has called this month’s vote ‘a critical moment in Argo’s history’.
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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 activist investor’s statement comes as a reaction to Argo’s message to investors last Friday ahead of the carrier’s annual shareholder meeting.
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The carrier is urging shareholders to appoint all seven of its nominees to the board in an annual meeting next month, amid activist investor pressure.
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Inside P&C’s news team runs you through the key highlights of the week.
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Completion of the transaction followed receipt of the required regulatory approvals and satisfaction of other closing conditions.
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The Bermudian claimed Ron Bobman and David Michelson’s directorship would ‘diminish’ the board’s capabilities and expertise.
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The CEO addressed the progress of the strategic process in his first interview since taking the role.
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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 insurer received regulatory approval for the LPT yesterday and expects to take the related $100mn charge in Q4 instead of Q3.
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The specialty insurer booked an $11.9mn overall net adverse reserve development, up from $6.2mn last year, fueled by a $16.2mn charge in the US business.
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Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.
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The activist investor has been trying to join the board of the struggling firm and has been interviewed by Argo.
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The company said the resignation was due to “professional and personal commitments”.
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Argo Group has been sued by investors, who claim the company has engaged in inadequate underwriting and misrepresentation of facts which resulted in a 60% drop in the specialty carrier’s common stock value this year.
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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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Bobman said the board of directors “demonstrated poor judgment” by approving the recruitment of Jessica Snyder as president of Argo’s US insurance division.
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Capital Returns Master has proposed its president Ronald Bobman and David Michelson, president of DWM Consulting, as two new Argo board members.
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A broader approach to deal structure leaves room open for a private firm to reverse into the company to go public.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Westfield will take on 2021 and 2022 as part of the agreement, but it is not yet clear if 2020 will be included in a legacy deal Argo struck this year for 2018 and 2019 in the run-up to sale.
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Goldman Sachs has reapproached potential bidders as the Bermudian moves rapidly following the recent legacy deal and divestiture.
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Inside P&C’s news team runs you through the key highlights of the week.
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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 deal price represents 1.16x tangible book value.
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A sale of the managing agency and Syndicate 1200 would represent tangible progress in Argo’s strategic process.
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Inside P&C’s news team runs you through the key highlights of the week.
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The specialty insurer continues to face obstacles in finding a buyer, and a period of independence might now be the better option.
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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 executive will report to CEO and executive chairman Tom Bradley, who recently took over the role on a permanent basis.
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With the addition of roughly 512,000 shares, Enstar’s interest in Argo was valued at ~$62.7mn at the end of June.
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Odyssey Group’s cyber chief Robert O’Connell is looking to raise up to $1bn of capital for a monoline cyber reinsurer.
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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 dip follows a nearly 18% decline in the company’s stock price on Tuesday.
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Yesterday, Argo disclosed that it entered into a loss-portfolio transfer agreement with Enstar and will accept an after-tax charge of $100mn in Q3 to secure the cover.
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The stock was down $5.91 early trading hours from its close of $32.22 on Monday.
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The deal also includes a $75mn loss corridor that must be eroded before adverse development passes to the legacy firm.
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The scourge of former CEO Mark Watson will finally join the board after wielding major influence over the last three years.
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Argo sued K2 in May claiming that the team lift-out was accomplished through breaches of fiduciary duty and contract.
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Inside P&C’s news team runs you through the key highlights of the week.
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The Goldman Sachs-run process drew limited interest and does not offer a path to takeout at a premium valuation.
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The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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It is understood that the carrier, which is currently going through a sale process, is being advised by TigerRisk.
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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 board retained Goldman Sachs to advise in April, and the investment bank has been running a sales process.
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Current CEO Bradley will receive 78,760 shares of restricted stock over a 12-month period, as well as 135,000 stock appreciation rights with an exercise price of $43.80.
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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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Kevin Rehnberg, who has been out on leave for health reasons since March 2022, is stepping down from the top role and the board of directors.
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KPMG has been appointed to succeed its Big Four rival as the up-for-sale Bermudian tries to turn the page on its delayed annual filings.
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Selling Argo may be harder than you think given its Lloyd’s operation and questions around balance sheet strength.
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
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Last month, Argo’s board announced they were looking at an “exploration of strategic alternatives” for the company.
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The remark addressed Argo’s Q4 $132mn reserve charge that fueled activist claims that the company should be sold.
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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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Q1 net adverse prior year reserve development was $3.4mn, or 0.7 points on the LR, up from last year’s $1mn net reserve charge.
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Inside P&C’s news team canters through the week’s key developments.
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The firm initiated an exploration of strategic alternatives – including a potential sale or merger.
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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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Ron Bobman first called for the sale of the firm back in September 2021, and recently launched a proxy campaign to join its board.
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The embattled carrier has faced mounting pressure from investors to sell the business.
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Argo Re kept its A- (excellent) financial strength rating.
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Based in Chicago, the executive will join the construction practice led by senior vice president Kristyn Smallcombe.
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Inside P&C’s news team runs you through the key developments from the week.
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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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Activist investors continue to tighten the screw on the insurer’s management team.
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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 company reported a pre-tax, pre-divide income of $5.3mn and combined ratio of 105.6%.
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Major shareholder mocks Argo statements on progress, stating “attempt at transformation has failed,” based on Argo performance.
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The carrier has interviewed nominees Ron Bobman and David Michelson.
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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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Capital Returns has proposed to nominate both Ron Bobman and David Michelson to the Bermudian carrier’s board.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The insurer also failed to file its annual report on time last year.
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Inside P&C’s news team runs you through the key developments from the past week.
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The firm reported upbeat quarterly earnings, but the best move remains a sale.
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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 underwriting loss widened to $109mn in Q4 2021 from $33.7mn the year before, driven by a $132mn reserve charge.
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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 Q4 2021 loss ratio jumped to 87.1% from 69.8% a year ago, despite cat losses dropping to $6.8mn from over $50mn in Q4 2020.
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Let’s get you up to speed on some of this week’s key M&A deals.
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The $130mn-$140mn reserve charge undermines the management case that it can turn the business around.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The company said on Tuesday it would take up to a $140mn reserve charge on prior-year claims in Q4 and write down the value of its Lloyds business by as much as $45mn.
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The investor has been calling on the board to explore strategic alternatives for the business since September last year.
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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 company is also writing down the value of Syndicate 1200 by $40mn-$45mn.
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The Inside P&C research team looks forward to the big issues of the new year.
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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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Employment data indicates that easy growth and margin expansion may slow soon.
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Sources suggested the business was unable to secure its reserve price from bidders.
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Matt Harris, the carrier’s head of international, has also left the business, as general counsel Susan Comparato takes up the role of chief administrative officer.
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The insurer cut average annual loss exposure by 40% more than a year ahead of schedule after shedding property limit and restructuring reinsurance purchases.
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The underwriting profits within the carrier’s US operations narrowed to $25mn, after higher economic activity and attritional claims caused margins to tighten.
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The US-focused specialty carrier has appointed a trio of female executives to top roles in recent days.
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Argo had signaled his departure last week, announcing Higley would be replaced in his old role by former Berkley exec Laura Havice.
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The executive will oversee a roughly $300mn book of business, and replaces Jim Cornwall, who left the carrier in April.
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Argo’s US marine business offers inland marine products such as trucking cargo cover, as well as contractors' equipment and sports equipment policies.
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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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The post Covid-19 return to work creates opportunities in professional liability.
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The move comes amid a reassessment of ESG by (re)insurers.
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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.