Bermuda
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CFO John Parry, who joined the firm last year after holding the same role at Lloyd’s, will become interim CEO. -
The legacy insurer said that its investment reflects a belief that the business is “considerably undervalued”.
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Group profits slip back due to cat loss reserve strengthening.
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The carrier may also expand in power and niche aviation as conditions improve, CUO Paul Gregory told analysts.
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The CEO backs Lloyd’s decision to hone the focus of its Blueprint on three areas this year.
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Improved pricing, a strong investment turnout and lower catastrophe losses propel profit more than threefold.
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The Abu Dhabi Investment Authority becomes a new shareholder in the company via the fundraise.
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The mutual has no restrictions governing the potential sell-down of its 8.4 percent stake in the French reinsurer.
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Sources told this publication that the outlines of a deal are already in place.
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The former AIG treasurer’s appointment as a director came as part of a truce with activist investor Voce Capital.
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Paragon insurance will acquire the business, which will continue to write on Argo paper.
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A London banking source tipped Covea as a suitor for the Bermudian reinsurer.
