Argo

The announcement comes a week after the institutional investor said it would accelerate its pivot to an insurance-led strategy.

Arturo Pelaez will continue in his managing director role at Brookfield Asset Management.

Argo shelved the sale of its Bermudian insurance business in mid-2024.

The agency cited SiriusPoint’s recent management moves including lower cat exposure as a driver of the change.

The move comes after Argo Pro announced it will exit professional lines.

The executive also served as CCO at Aspen before moving to Vantage.

Around $155m of the businesses in-force gross premium will be transferred to Core Specialty.

The company is not contemplating any other major structural changes.

The business – which writes professional liability, excess casualty and property - was marketed by investment bank RBC.

He brings 23 years of insurance industry experience.

Julie Saunders is Argo’s fifth recent senior hire.

Argo will initially front the business under a 100% quota agreement with ASU.

The executive expects the Bermudian to start onboarding programs later in 2024 or early in 2025.

“Unfortunately, it's a situation of getting rate to fund [the litigation costs] and being able to stay in the market long term,” Taylor told Insurance Insider US in an interview.

Insurance Insider US’s morning summary of the key stories to get you up to speed fast.

In tandem, the Bermudian promoted David Corry and Greg Chilson to heads of casualty and professional lines, respectively.

Current CEO Thomas Bradley, who announced his intention to retire on the closure of the deal, will receive a one-time cash bonus of $1.2mn.

The Inside P&C news team runs you through the earnings results for the day.

The appointment follows that of Williams and Drakontaidis as head of contract surety and head of commercial surety respectively.

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

The Inside P&C news team runs you through the earnings results for the day.

Argo has also hired former RLI surety head Greg Chilson as an adviser.

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

The charge was related to a reassessment of potential claims in professional lines, mostly from accident years 2019 and prior, and to losses from businesses Argo has exited.

The companies expect to complete the transaction in the second half of the year, subject to regulatory approvals and customary closing conditions.

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

Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.

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

The firm’s US unit recorded $36.6mn of net unfavorable development in Q4 2022, compared with a $121.6mn charge in Q4 2021.

S&P said the change reflected uncertainty around Argo’s risk appetite following its $1.1bn acquisition by Brookfield Reinsurance.

The member joined the board in August 2022, two and a half years after ending his activist campaign against the carrier’s management.

The ratings agency has placed under review with developing implications Argo’s A- financial strength ratings, as well as its credit ratings.

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

Analysis of Argo’s valuation suggests this is a rich multiple when accounting for potential reserving noise.

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

The reinsurer said in its Q4 earnings call that Argo’s takeover further diversifies its operations and adds a foundational piece to its expanding P&C activity in the US.

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

The consideration represents a 48.7% premium to Argo’s share price before the sale of its Lloyd’s business.

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

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

Enstar is conducting due diligence around taking on the rest of the Argo back book.

Activist investor Capital Returns had nominated Ron Bobman and David Michelson, but withdrew the nominations on Monday.

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

The withdrawals of the activist investors have come just three days before the insurer’s annual shareholder meeting.

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

The carrier has called this month’s vote ‘a critical moment in Argo’s history’.

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

The activist investor’s statement comes as a reaction to Argo’s message to investors last Friday ahead of the carrier’s annual shareholder meeting.

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.

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

Bobman said the board of directors “demonstrated poor judgment” by approving the recruitment of Jessica Snyder as president of Argo’s US insurance division.

Capital Returns Master has proposed its president Ronald Bobman and David Michelson, president of DWM Consulting, as two new Argo board members.

A broader approach to deal structure leaves room open for a private firm to reverse into the company to go public.

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

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

Westfield will take on 2021 and 2022 as part of the agreement, but it is not yet clear if 2020 will be included in a legacy deal Argo struck this year for 2018 and 2019 in the run-up to sale.

Goldman Sachs has reapproached potential bidders as the Bermudian moves rapidly following the recent legacy deal and divestiture.

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

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

The deal price represents 1.16x tangible book value.

A sale of the managing agency and Syndicate 1200 would represent tangible progress in Argo’s strategic process.

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.

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

The executive will report to CEO and executive chairman Tom Bradley, who recently took over the role on a permanent basis.

With the addition of roughly 512,000 shares, Enstar’s interest in Argo was valued at ~$62.7mn at the end of June.

Odyssey Group’s cyber chief Robert O’Connell is looking to raise up to $1bn of capital for a monoline cyber reinsurer.

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

The dip follows a nearly 18% decline in the company’s stock price on Tuesday.

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.

The stock was down $5.91 early trading hours from its close of $32.22 on Monday.

The deal also includes a $75mn loss corridor that must be eroded before adverse development passes to the legacy firm.

The scourge of former CEO Mark Watson will finally join the board after wielding major influence over the last three years.