Argo
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The sale is another step in the company’s remediate or exit strategy in the business lines where it hasn’t met its scale or pricing targets. -
Employment data indicates that easy growth and margin expansion may slow soon.
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Sources suggested the business was unable to secure its reserve price from bidders.
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Matt Harris, the carrier’s head of international, has also left the business, as general counsel Susan Comparato takes up the role of chief administrative officer.
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The insurer cut average annual loss exposure by 40% more than a year ahead of schedule after shedding property limit and restructuring reinsurance purchases.
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The underwriting profits within the carrier’s US operations narrowed to $25mn, after higher economic activity and attritional claims caused margins to tighten.
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The US-focused specialty carrier has appointed a trio of female executives to top roles in recent days.
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Argo had signaled his departure last week, announcing Higley would be replaced in his old role by former Berkley exec Laura Havice.
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The executive will oversee a roughly $300mn book of business, and replaces Jim Cornwall, who left the carrier in April.
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Argo’s US marine business offers inland marine products such as trucking cargo cover, as well as contractors' equipment and sports equipment policies.
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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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The post Covid-19 return to work creates opportunities in professional liability.
Related
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Argo snags Vantage exec Parella as new CCO
January 07, 2025 -
Argo shelves sale of Bermuda excess insurance business
June 13, 2024