Argo
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The sale of the subsidiary is the latest step in CEO Kevin Rehnberg’s plan to dial down risk and free up capital at the carrier. -
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 executive replaces Jay Bullock, who announced his departure last summer.
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The carrier has set aside $13mn to pay coronavirus claims at its international unit.
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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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Inside P&C’s research team examines some of the areas that will be closely watched during the results season.
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The regulator found that Watson and Argo failed to disclose $5.3mn in personal benefits.
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Christie and Martell arrive from The Hartford and Markel, respectively.
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As part of the deal Pelican Ventures and JC Flowers will provide capital for 2021 onwards, with Argo maintaining responsibility for years prior.
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The investment consortium has also finalized an operational partnership with Apollo Syndicate Management.
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Across the P&C market, share prices outstripped the 1.16% uptick in the S&P 500 index and the 2.28% rise in S&P 500 financials.
Related
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