Argo
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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. -
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.
