Argo
-
The transaction is expected to close during H1 2022 and reflects Argo’s strategic refocus on US specialty.
-
The executive said during a Q3 earnings call that the company wouldn’t comment on market rumors related to the sale of its primary Lloyd's insurance business.
-
The company shrank overall GWP by 1.6% to $876mn, weighed down by a 10% drop of in international premiums, though it grew its core lines of business in the US by 20%.
-
The exit in London comes at a time of wider market discussion around the adequacy of cat pricing.
-
The divestiture comes amid Argo’s drawback from international business.
-
The planned disposal of the syndicate underlines the challenges the cohort of Bermudian entries has faced.
-
Capital Returns Management has waged successful campaigns against Watford, FBL Group and FedNat.
-
The business is being marketed by investment bank Morgan Stanley following last year's sale of Ariel Re.
-
Matt Harris, the carrier’s head of international, has also left the business, as general counsel Susan Comparato takes up the role of chief administrative officer.
-
The insurer cut average annual loss exposure by 40% more than a year ahead of schedule after shedding property limit and restructuring reinsurance purchases.
-
The underwriting profits within the carrier’s US operations narrowed to $25mn, after higher economic activity and attritional claims caused margins to tighten.
-
The consortium, understood to have a limit of $30mn, is targeting mid-market business.
Most Recent
-
Marsh McLennan’s Glaser ‘very wary’ of wage inflation
27 January 2022 -
Parsyl secures $25mn and announces US MGA
27 January 2022
