Argo
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Kevin Rehnberg, who has been out on leave for health reasons since March 2022, is stepping down from the top role and the board of directors. -
KPMG has been appointed to succeed its Big Four rival as the up-for-sale Bermudian tries to turn the page on its delayed annual filings.
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Q1 net adverse prior year reserve development was $3.4mn, or 0.7 points on the LR, up from last year’s $1mn net reserve charge.
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Plus this week’s Q1 results and all the top news of the week.
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Ron Bobman first called for the sale of the firm back in September 2021, and recently launched a proxy campaign to join its board.
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Argo’s board is considering a potential sale as it announced an “exploration of strategic alternatives”, which will also consider a merger or other strategic transaction.
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Argo Re kept its A- (excellent) financial strength rating.
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Remedial actions this year have included dropping property D&F and North American binder business.
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The company reported a pre-tax, pre-divide income of $5.3mn and combined ratio of 105.6%.
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Major shareholder mocks Argo statements on progress, stating “attempt at transformation has failed,” based on Argo performance.
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The carrier has interviewed nominees Ron Bobman and David Michelson.
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Capital Returns has proposed to nominate both Ron Bobman and David Michelson to the Bermudian carrier’s board.
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