Argo
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Inside P&C’s news team runs you through the key highlights of the week. -
The specialty insurer continues to face obstacles in finding a buyer, and a period of independence might now be the better option.
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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 executive will report to CEO and executive chairman Tom Bradley, who recently took over the role on a permanent basis.
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With the addition of roughly 512,000 shares, Enstar’s interest in Argo was valued at ~$62.7mn at the end of June.
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Odyssey Group’s cyber chief Robert O’Connell is looking to raise up to $1bn of capital for a monoline cyber reinsurer.
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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 dip follows a nearly 18% decline in the company’s stock price on Tuesday.
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Yesterday, Argo disclosed that it entered into a loss-portfolio transfer agreement with Enstar and will accept an after-tax charge of $100mn in Q3 to secure the cover.
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The stock was down $5.91 early trading hours from its close of $32.22 on Monday.
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The deal also includes a $75mn loss corridor that must be eroded before adverse development passes to the legacy firm.
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The scourge of former CEO Mark Watson will finally join the board after wielding major influence over the last three years.
