Argo

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.

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.

Plus this week’s Q1 results and all the top news of the week.

Ron Bobman first called for the sale of the firm back in September 2021, and recently launched a proxy campaign to join its board.

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.

Argo Re kept its A- (excellent) financial strength rating.

Remedial actions this year have included dropping property D&F and North American binder business.

The company reported a pre-tax, pre-divide income of $5.3mn and combined ratio of 105.6%.

Major shareholder mocks Argo statements on progress, stating “attempt at transformation has failed,” based on Argo performance.

The carrier has interviewed nominees Ron Bobman and David Michelson.

Capital Returns has proposed to nominate both Ron Bobman and David Michelson to the Bermudian carrier’s board.

The insurer also failed to file its annual report on time last year.