Argo
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The Bermudian is expecting to pay $17mn in third quarter Covid-19 claims. -
The deal is structured as a reinsurance-to-close transaction for 2017 and prior years at Syndicate 1200.
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Former RenaissanceRe CEO and founder Jim Stanard looks set to pick up the reinsurance platform.
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The funding for the deal was set to come from Cantor Fitzgerald and its billionaire CEO Howard Lutnick.
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The group remains committed to the class in Bermuda and the US.
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The specialty insurer’s underlying loss ratio dropped to 55.9% from 59.3% the year before.
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Activist investor Voce had previously criticised the performance of the firm's international businesses.
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Argo Group has exited the SME cyber market, leading to the departure of senior underwriter and group head of cyber Paul Miskovich from the carrier.
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The offering will be used to repay the remaining $125mn of a loan and provide working capital for growth.
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The estimate is in line with Argo's earlier projection and will likely precede additional announcements from the sector in the coming weeks.
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CEO Kevin Rehnberg continues to reshape the carrier's management.
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Syndicate 1200 is the second Lloyd’s syndicate after Canopius to explore such a deal.
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