Argo

The CEO addressed the progress of the strategic process in his first interview since taking the role.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The insurer received regulatory approval for the LPT yesterday and expects to take the related $100mn charge in Q4 instead of Q3.

The specialty insurer booked an $11.9mn overall net adverse reserve development, up from $6.2mn last year, fueled by a $16.2mn charge in the US business.

Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.

The activist investor has been trying to join the board of the struggling firm and has been interviewed by Argo.

The company said the resignation was due to “professional and personal commitments”.

Argo Group has been sued by investors, who claim the company has engaged in inadequate underwriting and misrepresentation of facts which resulted in a 60% drop in the specialty carrier’s common stock value this year.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Bobman said the board of directors “demonstrated poor judgment” by approving the recruitment of Jessica Snyder as president of Argo’s US insurance division.

Capital Returns Master has proposed its president Ronald Bobman and David Michelson, president of DWM Consulting, as two new Argo board members.

A broader approach to deal structure leaves room open for a private firm to reverse into the company to go public.