Operations/tech

Sources suggested that the layoffs at Buckle are more severe than at other InsurTechs that instituted headcount reduction programs with a view to preserving cash.

The wholesaler had already paid out a cumulative $2.1bn of dividends to investors since 2018.

It is understood that the company has mandated Nomura to raise the risk capital.

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.