Argo
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Christie and Martell arrive from The Hartford and Markel, respectively.
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As part of the deal Pelican Ventures and JC Flowers will provide capital for 2021 onwards, with Argo maintaining responsibility for years prior.
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The investment consortium has also finalized an operational partnership with Apollo Syndicate Management.
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Across the P&C market, share prices outstripped the 1.16% uptick in the S&P 500 index and the 2.28% rise in S&P 500 financials.
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The company provided confirmation of its work to break up international and a $100mn expense reduction target. -
The disposal plans are the latest of a string of restructuring measures under the leadership of CEO Kevin Rehnberg.
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The international segment’s underlying loss ratio improved by 15 points to 50%.
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Ariel Re will focus on key lines of business, including cat, retro, marine and professional lines.
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The insurer will cut 20 jobs as a result of the run-off plan.
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The Bermudian is expecting to pay $17mn in third quarter Covid-19 claims.
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Chris Sitowski joins the carrier from Chubb North America.
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Former RenaissanceRe CEO and founder Jim Stanard looks set to pick up the reinsurance platform.
