Argo
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Sources say the carrier’s group head of cyber Paul Miskovich has left his post. -
The execs are set to leave the firm after a combined 26 years at Argo and its predecessor companies.
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Argo has consented to a cease-and-desist order and will pay a $900,000 civil penalty.
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The carrier’s chief executive officer said the “vast majority” of BI cover in the US has virus exclusions.
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Strong growth in the US helped increase premium volume at the Bermudian carrier by 8.6 percent to $826mn.
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The losses mainly relate to event cancellation and BI losses.
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RLI shares plunged by nearly 12 percent, while and Argo dropped over 6 percent.
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Bernard Bailey and Fred Donner join Carol McFate as new Argo directors following a shareholder vote.
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Insurance stocks outperformed as Federal Reserve agreed to take further action and lawmakers mulled a pandemic backstop.
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The bolstered position follows a detente between the fund and the insurer’s management.
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The former CEO has instructed his lawyers to dispute what the company believes he should repay.
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The expenses were made public in a disclosure to investors on Friday.
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