Argo
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Arturo Pelaez will continue in his managing director role at Brookfield Asset Management. -
Argo shelved the sale of its Bermudian insurance business in mid-2024.
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The agency cited SiriusPoint’s recent management moves including lower cat exposure as a driver of the change.
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The move comes after Argo Pro announced it will exit professional lines.
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The executive also served as CCO at Aspen before moving to Vantage.
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Around $155m of the businesses in-force gross premium will be transferred to Core Specialty.
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The company is not contemplating any other major structural changes.
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The business – which writes professional liability, excess casualty and property - was marketed by investment bank RBC.
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He brings 23 years of insurance industry experience.
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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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