Argo

The agency cited SiriusPoint’s recent management moves including lower cat exposure as a driver of the change.

The business – which writes professional liability, excess casualty and property - was marketed by investment bank RBC.

He brings 23 years of insurance industry experience.

Slipstream will be available to marine, cargo and logistics UK clients.

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.

The appointment follows that of Williams and Drakontaidis as head of contract surety and head of commercial surety respectively.

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.

Argo has also hired former RLI surety head Greg Chilson as an adviser.

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.

The companies expect to complete the transaction in the second half of the year, subject to regulatory approvals and customary closing conditions.

Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.

The firm’s US unit recorded $36.6mn of net unfavorable development in Q4 2022, compared with a $121.6mn charge in Q4 2021.