Argo
-
The divestiture comes amid Argo’s drawback from international business. -
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.
-
Capital Returns Management has waged successful campaigns against Watford, FBL Group and FedNat.
-
The business is being marketed by investment bank Morgan Stanley following last year's sale of Ariel Re.
-
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.
-
Employment data indicates that easy growth and margin expansion may slow soon.
-
Sources suggested the business was unable to secure its reserve price from bidders.
-
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.
-
The insurer cut average annual loss exposure by 40% more than a year ahead of schedule after shedding property limit and restructuring reinsurance purchases.
-
The underwriting profits within the carrier’s US operations narrowed to $25mn, after higher economic activity and attritional claims caused margins to tighten.
-
The US-focused specialty carrier has appointed a trio of female executives to top roles in recent days.
-
Argo had signaled his departure last week, announcing Higley would be replaced in his old role by former Berkley exec Laura Havice.
