Operations/tech

2022 marked a reversal from last year’s unprecedented levels of global investment in InsurTech as the macroeconomic scenario flipped and investors put lossmaking companies under a magnifying glass.

The carrier forecasts to incur a pre-tax $51mn-$56mn restructuring charge in Q4 and the remainder in 2023.

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

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

The members were unanimously selected by the board as part of its multi-year succession planning process.

Even if venture debt has always been around, sources said InsurTechs are approaching the market in different ways, as they struggle to raise equity rounds at attractive valuations.

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

The new consulting arm will be led by Risk Strategies executive vice president John Greenbaum.

The amount will be paid in one installment of $200,000, two of $100,000 and a final $175,000 payment over the next 18 months.

The severance package will be paid in three separate installments of $250,000 over the next 18 months.

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.