Argo
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With the addition of roughly 512,000 shares, Enstar’s interest in Argo was valued at ~$62.7mn at the end of June. -
Odyssey Group’s cyber chief Robert O’Connell is looking to raise up to $1bn of capital for a monoline cyber reinsurer.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The dip follows a nearly 18% decline in the company’s stock price on Tuesday.
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Yesterday, Argo disclosed that it entered into a loss-portfolio transfer agreement with Enstar and will accept an after-tax charge of $100mn in Q3 to secure the cover.
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The stock was down $5.91 early trading hours from its close of $32.22 on Monday.
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The deal also includes a $75mn loss corridor that must be eroded before adverse development passes to the legacy firm.
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The scourge of former CEO Mark Watson will finally join the board after wielding major influence over the last three years.
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Argo sued K2 in May claiming that the team lift-out was accomplished through breaches of fiduciary duty and contract.
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Inside P&C’s news team runs you through the key highlights of the week.
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The Goldman Sachs-run process drew limited interest and does not offer a path to takeout at a premium valuation.
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The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
Related
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Argo snags Vantage exec Parella as new CCO
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Argo shelves sale of Bermuda excess insurance business
June 13, 2024