Argo
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The business is being marketed by investment bank Morgan Stanley following last year's sale of Ariel Re. -
Matt Harris, the carrier’s head of international, has also left the business, as general counsel Susan Comparato takes up the role of chief administrative officer.
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The insurer cut average annual loss exposure by 40% more than a year ahead of schedule after shedding property limit and restructuring reinsurance purchases.
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The underwriting profits within the carrier’s US operations narrowed to $25mn, after higher economic activity and attritional claims caused margins to tighten.
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The consortium, understood to have a limit of $30mn, is targeting mid-market business.
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The underwriter will be based in Barcelona and focus on professional indemnity business.
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The move comes amid a reassessment of ESG by (re)insurers.
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Tierra Underwriting is led by Andrew Beechey and supports green project-finance transactions.
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Kevin Rehnberg says the carrier is disappointed with the level of catastrophe losses but expects less volatility going forward.
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The US-focused specialty insurer dropped its core loss ratio by almost two points as it delivered its best underlying underwriting result since 2016.
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Claims from Winter Storm Uri will cost the carrier about $43mn, before tax.
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Former Argo executives Tim Hadler and Nigel Mortimer will join the MGA to lead the new programme.
