Argo
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The funding for the deal was set to come from Cantor Fitzgerald and its billionaire CEO Howard Lutnick. -
Inside P&C takes a deep dive into the carrier’s prospects almost a year after Watson’s exit.
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He has joined the carrier as a senior vice president of underwriting.
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This publication reported in June that the Bermuda-based company had withdrawn from writing open market SME cyber business.
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Axis Capital and Argo Group shares jumped nearly 5%, while shares in Arch, Travelers and Alleghany were all up more than 3%.
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On average, Argo underwriters commanded a 10% rate rise, and E&S lines submissions continued to increase.
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The specialty insurer’s underlying loss ratio dropped to 55.9% from 59.3% the year before.
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Activist investor Voce had previously criticised the performance of the firm's international businesses.
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The offering will be used to repay the remaining $125mn of a loan and provide working capital for growth.
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The estimate is in line with Argo's earlier projection and will likely precede additional announcements from the sector in the coming weeks.
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CEO Kevin Rehnberg continues to reshape Argo management following Mark Watson III’s departure.
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Sources say the carrier’s group head of cyber Paul Miskovich has left his post.
