Argo
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The announcement comes a week after the institutional investor said it would accelerate its pivot to an insurance-led strategy. -
Arturo Pelaez will continue in his managing director role at Brookfield Asset Management.
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Argo shelved the sale of its Bermudian insurance business in mid-2024.
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The agency cited SiriusPoint’s recent management moves including lower cat exposure as a driver of the change.
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The business – which writes professional liability, excess casualty and property - was marketed by investment bank RBC.
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He brings 23 years of insurance industry experience.
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Slipstream will be available to marine, cargo and logistics UK clients.
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Current CEO Thomas Bradley, who announced his intention to retire on the closure of the deal, will receive a one-time cash bonus of $1.2mn.
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The appointment follows that of Williams and Drakontaidis as head of contract surety and head of commercial surety respectively.
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The US operations drove the net adverse development with a $25.4mn hit, up from $6.7mn in Q2 2022, attributable to business lines the company has exited.
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Argo has also hired former RLI surety head Greg Chilson as an adviser.
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The charge was related to a reassessment of potential claims in professional lines, mostly from accident years 2019 and prior, and to losses from businesses Argo has exited.
