Argo

The board retained Goldman Sachs to advise in April, and the investment bank has been running a sales process.

Current CEO Bradley will receive 78,760 shares of restricted stock over a 12-month period, as well as 135,000 stock appreciation rights with an exercise price of $43.80.

Kevin Rehnberg, who has been out on leave for health reasons since March 2022, is stepping down from the top role and the board of directors.

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.