Operations/tech
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It is understood that the company has mandated Nomura to raise the risk capital. -
The Canadian pension fund will retain 9.4% of the carrier’s voting shares.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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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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At the end of October, the investor decreased its stake in the specialty insurer to around 3.05% from over 6.3% at the end of Q3, filings show.
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The chief executive could receive up to 200% of that target amount, contingent on achievement of personal objectives, as well as the broker’s organic growth metrics and Ebitdac margins.
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The Truist Insurance Holdings CEO also said that the velocity of acquisitions would now increase.
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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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It is understood that Lyons has been set to retire from the company in the summer of 2023.
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The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.
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It is understood that most of the cuts affected employees in the sales and marketing division.
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The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.
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