Bermuda
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The combined ratio deteriorates by 26.9 points to 107.8%, though comes in ahead of forecasts. -
Third Point Re also confirmed Tim Mardon as global property head and named Rachael Dugan as general counsel.
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The (re)insurer had previously disclosed the $400mn reserve charge, largely connected to casualty reinsurance business from accident years 2015 to 2018.
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The executive replaces Jay Bullock, who announced his departure last summer.
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The reinsurer was chasing a high 15% net return target and said lower demand and capital trapping made this unachievable.
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Following his departure Axis’ third-party capital unit will become a standalone division.
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The newcomer joins as independent director.
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Former Securis' executive Neil Strong joins arrivals including Lancashire’s Chris Wilkinson as a second head of specialty and Talbot PV specialist Dan Callow.
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The carrier has set aside $13mn to pay coronavirus claims at its international unit.
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The outgoing chief executive founded the company in 2005, building it into the second--largest legacy-focused business.
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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 executive takes over from Megan Thomas, who left to become the CEO at Hamilton Re in September.
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