Argo
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Insurance Insider selects 10 exclusive news stories reported by our team on the frontline at Monte Carlo Rendez-Vous. -
Westfield will take on 2021 and 2022 as part of the agreement, but it is not yet clear if 2020 will be included in a legacy deal Argo struck this year for 2018 and 2019 in the run-up to sale.
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Goldman Sachs has reapproached potential bidders as the Bermudian moves rapidly following the recent legacy deal and divestiture.
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The deal price represents 1.16x tangible book value.
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A signed deal would end a roughly three-year hiatus for significant strategic balance sheet M&A at Lloyd’s.
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Plus the latest people moves and all the top news from this week.
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A sale of the managing agency and Syndicate 1200 would represent tangible progress in Argo’s strategic process.
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The transaction would mark a fifth legacy deal struck by Argo as it seeks to clean up its back book amid a strategic review.
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The executive will report to CEO and executive chairman Tom Bradley, who recently took over the role on a permanent basis.
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With the addition of roughly 512,000 shares, Enstar’s interest in Argo was valued at ~$62.7mn at the end of June.
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The deal also includes a $75mn loss corridor that must be eroded before adverse development passes to the legacy firm.
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The Goldman Sachs-run process drew limited interest and does not offer a path to takeout at a premium valuation.
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