Operations/tech
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The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.
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It is understood that most of the cuts affected employees in the sales and marketing division.
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The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.
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For nearly four years, Patel served as executive chairman at Perennial Climate following a three-year stint as CEO of Softbank-backed Brightstar Corp.
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2022 marked a reversal from last year’s unprecedented levels of global investment in InsurTech as the macroeconomic scenario flipped and investors put lossmaking companies under a magnifying glass.
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The carrier forecasts to incur a pre-tax $51mn-$56mn restructuring charge in Q4 and the remainder in 2023.
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The withdrawals of the activist investors have come just three days before the insurer’s annual shareholder meeting.
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Inside P&C’s news team runs you through the key highlights of the week.
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The members were unanimously selected by the board as part of its multi-year succession planning process.
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Even if venture debt has always been around, sources said InsurTechs are approaching the market in different ways, as they struggle to raise equity rounds at attractive valuations.
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The carrier has called this month’s vote ‘a critical moment in Argo’s history’.
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The new consulting arm will be led by Risk Strategies executive vice president John Greenbaum.
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