Argo
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Beazley has rebuilt its contingency team after large losses and a number of senior underwriter departures. -
Argo is looking to redeploy capital from reinsurance and into high growth US E&S.
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The company benefited from improved underlying results, premium growth at its US operations, and a much smaller reserve hit.
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The executive replaces Jay Bullock, who announced his departure last summer.
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The carrier has set aside $13mn to pay coronavirus claims at its international unit.
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The executive, based in Chicago, is a former broker and joined Argo’s ceded re team from Allied World in 2020.
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The regulator found that Watson and Argo failed to disclose $5.3mn in personal benefits.
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As part of the deal Pelican Ventures and JC Flowers will provide capital for 2021 onwards, with Argo maintaining responsibility for years prior.
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The investment consortium has also finalized an operational partnership with Apollo Syndicate Management.
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The disposal plans are the latest of a string of restructuring measures under the leadership of CEO Kevin Rehnberg.
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The international segment’s underlying loss ratio improved by 15 points to 50%.
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Ariel Re will focus on key lines of business, including cat, retro, marine and professional lines.
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