Argo
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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.
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The insurer also failed to file its annual report on time last year.
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Argo’s Q4 2021 loss ratio jumped to 87.1% from 69.8% a year ago, despite cat losses dropping to $6.8mn from over $50mn in Q4 2020.
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The investor has been calling on the board to explore strategic alternatives for the business since September last year.
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The company is also writing down the value of Syndicate 1200 by $40mn-$45mn.
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The transaction is expected to close during H1 2022 and reflects Argo’s strategic refocus on US specialty.
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The executive said during a Q3 earnings call that the company wouldn’t comment on market rumors related to the sale of its primary Lloyd's insurance business.
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The company shrank overall GWP by 1.6% to $876mn, weighed down by a 10% drop of in international premiums, though it grew its core lines of business in the US by 20%.
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The exit in London comes at a time of wider market discussion around the adequacy of cat pricing.
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The divestiture comes amid Argo’s drawback from international business.
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The planned disposal of the syndicate underlines the challenges the cohort of Bermudian entries has faced.
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