Argo

Argo board backs exec pay and governance changes

Argo shareholders will get to vote on proposals next year to begin the declassification of the Bermudian’s board of directors and reduce its maximum size from 13 to 11.

Argo reports 103.4% Q2 combined ratio

Current accident year property and energy losses and prior year reserve charges have dropped Argo Group’s second quarter operating income to $16.8mn, from $32.9mn for Q2 2018.

Moffatt replaces Eccles as ArgoGlobal active underwriter

ArgoGlobal, the Lloyd’s arm of Argo Group, has named John Moffatt the active underwriter of Syndicate 1200 as predecessor Steve Eccles “will commence leave” with immediate effect, after a year and a half in the role.

Argo reveals $32.5mn hit driven by casualty reserve charge and Q2 cats

Bermudian (re)insurer Argo Group International Holdings has warned its upcoming earnings will be impacted by $22.5mn of adverse development from prior year accident year losses primarily in its Bermuda casualty business and $10mn of net losses from Q2 2019 catastrophes.

Coalition hires former Aon Affinity CUO

Swiss Re and Argo-backed cyber MGA Coalition has hired Brian Specht, former chief underwriting officer of Aon Affinity in the US, as head of affinity.

WR Berkley names ex-Argo US casualty leader as Verus president

Marlo Edwards has been named president of WR Berkley subsidiary Verus Underwriting Managers, succeeding Dale Pilkington, who the company said is retiring.

CFC supplements Lloyd’s capacity with five new backers

London cyber-specialist MGA CFC has added five insurers to its panel of capacity providers in addition to Lloyd’s syndicates which, until now, have been its exclusive backer.

Argo directors approved at AGM, executive comp narrowly passed

Argo’s shareholders have voted to elect all five of its Class III directors to the Bermudian (re)insurer’s board, based on a preliminary count provided by its proxy solicitor, and narrowly approved its executive compensation.

Kelly follows TMR’s O’Flynn to Ariel Re

Ariel Re has swooped on Tokio Millennium Re (TMR) for the second time this week as it builds out its financial lines team with the appointment of Sean Kelly as senior vice president and specialty underwriter for credit and financial products.

Ariel Re swoops on TMR EVP O’Flynn to lead financial lines

Argo Group’s Ariel Re has hired Stephen O’Flynn from Tokio Millennium Re (TMR) as head of professional lines and casualty treaty underwriting – Bermuda.

Argo says Voce using revoked regulatory approvals as an “excuse”

Argo Group has responded to Voce Capital Management withdrawing its director nominees by saying the activist investor is using the failure to address regulatory requirements as an excuse for its proposals not coming to a shareholder vote.

Regulators force Voce to withdraw candidates for Argo board

Activist investor Voce Capital has been forced to cease soliciting proxies and withdraw its nominations for the Argo Group International board, as Virginia and Illinois state Departments of Insurance (DOI) revoke prior approvals.

Glass Lewis throws weight behind Voce in Argo battle

Shareholder proxy group Glass Lewis has backed two of activist investor Voce Capital Management’s nominations for the Argo board, as well as the removal of chairman Gary Woods.

Argo and Voce battle for shareholder proxy votes at AGM

In the latest installment of the Argo Group and Voce Capital saga, the two firms have gone head-to-head to secure the shareholder support necessary to build their preferred Argo International board of directors ahead of its AGM next week.

ArgoGlobal swoops on TMK’s Tan for international A&H

ArgoGlobal, the Lloyd’s insurer and part of Argo Group, has appointed Zachary Tan as accident and health underwriter for the Asia Pacific and Middle East regions.

Argo commits to reducing board size ahead of high noon AGM

Ahead of its activist-challenged AGM next week, Bermudian (re)insurer Argo International Holdings Ltd has said it anticipates the size of its board diminishing over the next three years from the current thirteen to ten.

Voce slams shareholder proxy group ISS over Argo support

With less than two weeks to Argo Group’s AGM, shareholder activist Voce Capital has criticised the influential shareholder proxy firm Institutional Shareholder Services (ISS) following its support for all but one of the NYSE-listed (re)insurer’s board resolutions.

Argo names Serra Italy CUO

Argo Group’s Italian carrier – ArgoGlobal Assicurazioni – has named Marco Serra as chief underwriting officer for Italy, effective immediately.

Argo: Every Voce campaign win destroys shareholder value

In the latest shot fired in Argo’s dispute with activist investor Voce Capital Management, the Bermudian (re)insurer has charged that all previous Voce campaign wins have destroyed shareholder value, slamming its “hypocritical”, ex-AIG-heavy, director nominees.

Voce calls for Argo international operations sale and $100mn expenses reduction

Activist investor Voce Capital Management has issued a 130-page presentation detailing how it believes Argo can create value, including calling for the sale of the international operations and reducing expenses by $100mn.

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