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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 Bermudian expects pricing momentum to continue this year.
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The CEO said his company would be going on offense to accelerate book value growth while strong market conditions lasted.
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The CEO says the carrier deployed most of the $340mn raised in June at the 1 January renewals.
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The combined ratio deteriorates by 26.9 points to 107.8%, though comes in ahead of forecasts.
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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.
