Operations/tech

The Canadian pension fund will retain 9.4% of the carrier’s voting shares.

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

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

At the end of October, the investor decreased its stake in the specialty insurer to around 3.05% from over 6.3% at the end of Q3, filings show.

The chief executive could receive up to 200% of that target amount, contingent on achievement of personal objectives, as well as the broker’s organic growth metrics and Ebitdac margins.

The Truist Insurance Holdings CEO also said that the velocity of acquisitions would now increase.

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

It is understood that Lyons has been set to retire from the company in the summer of 2023.

The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.

It is understood that most of the cuts affected employees in the sales and marketing division.

The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.

For nearly four years, Patel served as executive chairman at Perennial Climate following a three-year stint as CEO of Softbank-backed Brightstar Corp.