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Argo shelved the sale of its Bermudian insurance business in mid-2024. -
The reinsurer has also appointed Mehdi Benleulmi as global head of credit.
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The broker has been building out its Bermuda reinsurance presence.
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With fee income less understood, a primary acquisition or merger could reset the narrative.
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The reinsurer confirmed Andrew Phelan’s exit, as of 15 May.
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The executive replaces Mike Warwicker, who left the firm earlier this year.
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A 20% increase in FHCF retention levels sent cedants to the private market.
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Bredahl has been appointed CEO and Bonneau as chairman.
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The Peak Re subsidiary mainly writes US motor and casualty reinsurance.
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She will continue to work with the executive team on key projects and initiatives.
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The company has settled, or is in the settlement stage, for 80% of the exposure.
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The Bermudian's first quarter cat losses totalled $333.3mn, compared to $103mn a year ago.
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