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.