Operations/tech

The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.

The company is making the change to provide greater definition around its three engines of insurance, investments, and a group of diverse businesses in Markel Ventures.

Tizzio’s new employment agreement starts May 4, 2023 and ends December 31, 2026, with automatic one-year renewal periods unless either party gives prior notice of non-renewal.

As a result, the insurer expects to realize a charge of around $5mn, primarily in the first quarter of 2023.

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Sources suggested that the layoffs at Buckle are more severe than at other InsurTechs that instituted headcount reduction programs with a view to preserving cash.

The wholesaler had already paid out a cumulative $2.1bn of dividends to investors since 2018.

It is understood that the company has mandated Nomura to raise the risk capital.

The Canadian pension fund will retain 9.4% of the carrier’s voting shares.

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.

At the end of October, the investor decreased its stake in the specialty insurer to around 3.05% from over 6.3% at the end of Q3, filings show.