Argo

The carrier is urging shareholders to appoint all seven of its nominees to the board in an annual meeting next month, amid activist investor pressure.

Inside P&C’s news team runs you through the key highlights of the week.

Completion of the transaction followed receipt of the required regulatory approvals and satisfaction of other closing conditions.

The Bermudian claimed Ron Bobman and David Michelson’s directorship would ‘diminish’ the board’s capabilities and expertise.

The CEO addressed the progress of the strategic process in his first interview since taking the role.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The insurer received regulatory approval for the LPT yesterday and expects to take the related $100mn charge in Q4 instead of Q3.

The specialty insurer booked an $11.9mn overall net adverse reserve development, up from $6.2mn last year, fueled by a $16.2mn charge in the US business.

Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.

The activist investor has been trying to join the board of the struggling firm and has been interviewed by Argo.

The company said the resignation was due to “professional and personal commitments”.

Argo Group has been sued by investors, who claim the company has engaged in inadequate underwriting and misrepresentation of facts which resulted in a 60% drop in the specialty carrier’s common stock value this year.