Send. As previously disclosed on 28th September 2015, Argo Managing Agency Limited intends to establish a Special Purpose Syndicate (SPS) for 1st January 2016 in partnership with Asia Capital Reinsurance Group Pte Ltd. As a more focused and streamlined company, we are better positioned to drive our business strategies and evaluate further strategic alternatives to create shareholder value., He added: We believe Westfield and our Lloyds team members are well positioned for future growth and success, and we thank the Argo employees within those business units for their dedication to improving operational results in recent periods.. Welcome to . For the same reason as above, Syndicate 1200 has also triggered Auction Rule 4(3)(a) because the capacity for the 2016 YOA as shown in the syndicates approved business plan exceeds the amount indicated in the disseminated syndicate business forecast although the triggering of Rule 4(4)(b)(v) will mean that all of the capacity on the syndicate is tradeable in the fourth auction. 860-970-5845 Head of Investor Relations The transaction is expected to close in the first half of 2023. 978-387-4150 Argo and its insurance subsidiaries are rated A- by Standard and Poors. HAMILTON, Bermuda--(BUSINESS WIRE)--Argo Group International Holdings, Ltd. (NYSE: ARGO) (Argo) today announced the completion of its previously announced sale of Argo Underwriting Agency Limited and its Lloyds Syndicate 1200 to Westfield. Argos insurance subsidiaries are rated A- by A.M. Best. HAMILTON, Bermuda, September 08, 2022--(BUSINESS WIRE)--Argo Group International Holdings, Ltd. (NYSE: ARGO) ("Argo" or "the company") today announced the company has entered into a definitive agreement for the sale of Argo Underwriting Agency Limited and its Lloyds Syndicate 1200 to Westfield for total cash proceeds of approximately $125 million or 1.16x price to tangible book value or 0.81x price to book value as of first quarter 2022, subject to closing-related adjustments. The underwriting results have been determined on an annual More information on Argo and its subsidiaries is available at www.argogroup.com. February 02, 2023 04:18 PM Eastern Standard Time WESTFIELD CENTER, Ohio-- ( BUSINESS WIRE )-- Westfield today announces the completion of its acquisition of Lloyd's of London Syndicate 1200. Kuhn continued, This transaction significantly accelerates our strategy to become a leading specialty carrier. Andrew Hersom Argo has been an active run-off seller . The sale of Argos Lloyds business is subject to customary closing conditions and regulatory approvals, including Lloyds of London, UK Prudential Regulation Authority and UK Financial Conduct Authority. Discover our suite of tools and technologies to support your business needs. The Combined Ratio increased to 116.0%, from 109.2% in the previous year. Headquartered in Bermuda, Argo Group has offices in eleven countries worldwide, writing a diverse, truly global book of business. Discover our suite of tools and technologies to support your business needs. At the . All rights reserved. Westfield Specialty President Jack Kuhn, together with Graham Evans, Executive Vice President and Head of International Insurance, will build on the existing strength of Syndicate 1200 to create an underwriting-focused, market-leading Lloyds business as a core part of Westfield Specialty. Syndicate 1200 principally writes accident and health, motor, third-party liability, marine, fire and peril insurance. All other readers will be directed to the abstract and would need to subscribe.
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[email protected], Argo Group Announces Closing of Lloyds Syndicate 1200 Transaction, Internet Explorer presents a security risk. Argo to test market appetite for Lloyd's businesses with Syndicate 1200 process Argo has bowed to logic and placed its primary Lloyd's insurance business up for sale after resisting. 8th September 2022 - Author: Luke Gallin Westfield Specialty, a U.S. property and casualty insurer, has accelerated its "rapid growth" with the acquisition of Lloyd's Syndicate 1200 from Argo Group International Holdings, marking its entry into the international specialty market. Inside P&C is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730, Book a call with a member of the team to discuss your subscription options, WTW hires Sompos Mascaro as hospitality leader, M&A weekly roundup: NFP, Risk Strategies, Inszone and more, Liberty Mutual taps Ironshore exec Johnson as GRS NA field ops & marketing president, Risk Strategies grew 25% in 2022 to $1.2bn, with a $158mn acquired revenue boost, Big I apologizes, Rusbuldt relinquishes post following report of interview with Fox News host, Gain your competitive advantage with Inside P&C. Continuity Opinions, key performance data and peer comparisons for the past 9 years. HAMILTON, Bermuda, September 08, 2022 -- ( BUSINESS WIRE )--Argo Group International Holdings, Ltd. (NYSE: ARGO) ("Argo" or "the company") today announced the company has entered into a. Transaction will simplify corporate structure and drive greater efficiencies with increased focus on core U.S. businesses. Head of Investor Relations Senior Vice President, Group Communications Senior Vice President, Group Communications
[email protected], Gregory Charpentier Get in touch directly using our contact form. 978-387-4150 We have 220,000+ readers every month & 25,000+ email subscribers. June 3, 2021 - Trans Mountain insurer and Lloyd's of London syndicate Argo Group has pledged to cut ties with the existing Trans Mountain tar sands pipeline when its current insurance policy expires on August 31, 2021, and to not insure the Trans Mountain Expansion Project. Lloyds and Corporation of Lloyds are registered trademarks of the Society of Lloyds, Lloyds is authorised under the Financial Services and Markets Act 2000, Regulatory tools (Crystal, Risk Locator & Stamp Decision Tool), Open Market Quality Assurance Tool (QA Tool), Binding Authority Quality Assurance Tool (QA Tool), Third Party Oversight (Delegated Authority). The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo that Argos objectives will be achieved. It subsequently agreed a second Lloyd's legacy deal for Syndicate 1200 covering the 2018 and 2019 years, also understood to have been agreed with RiverStone. Agency contact name: Mike Jackson/Darren Argyle. AM Best affirms ratings of Everest Re Group subsidiaries, BMAs cyber underwriting report reveals a changing landscape, RA meeting on wind farms invites robust discussion, Light is out at important and historic Bermuda lighthouse, Police drop St Regis golf course bollard destruction case, Premier updates House on agreements with unions, RA: Belco may seek air monitor cost recovery retroactively, RA to hold town hall on proposed offshore wind farm, Berkeleys class of 2023 graduates, school marks 125th, Government about-face on ambulances a sneaky reversal. HAMILTON, Bermuda - September 8, 2022 - Argo Group International Holdings, Ltd. (NYSE: ARGO) ("Argo" or "the company") today announced the company has entered into a definitive agreement for the sale of Argo Underwriting Agency Limited and its Lloyd's Syndicate 1200 to Westfield for total cash proceeds of approximately $125 million or 1.16x pric. [emailprotected], Media: Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses in two primary segments: U.S. Operations and International Operations. All existing policies remain valid and the company will manage claims handling through its London operation. Lloyds Insurance Company (China) Limited, Marine Underwriting Manager 978-387-4150 [emailprotected], Gregory Charpentier Argo undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. Argos insurance subsidiaries are rated A- by A.M. Best. The Center for Molecular Genealogy was created in 2000 after BYU was approached by James Sorenson to develop a systematic lab and process to carry out his ideas. Bringing together experts who share intelligence, judgement, capital and risk to create a braver world. Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses in two primary segments: U.S. Operations and International Operations. Loss Run. Argo to receive total cash proceeds of approximately $125 million. Argo got relatively far down the road with a potential sale of Syndicate 1200 to a private equity bid spearheaded by former Ascot and Neon CEO Martin Reith last spring, but at around 0.8x book,. Welcome to Lloyds the worlds insurance marketplace. Head of Investor Relations At the time, Syndicate 1200 was estimated to have a book of business sized at $650 million, focused on numerous lines of specialty insurance. ArgoGlobal Underwriting Division Welcome to Lloyds the worlds insurance marketplace. As part of Argos previously announced and ongoing review of strategic alternatives, the board continues to actively consider a wide range of options for the company. Use of this website signifies your agreement to the Terms of Service and Privacy Policy Discover the breadth of the Lloyds marketplace and find the experts to support your risk - whatever the size and complexity. The sale of Argos Lloyds business is subject to customary closing conditions and regulatory approvals, including Lloyds of London, UK Prudential Regulation Authority and UK Financial Conduct Authority.
[email protected], Gregory Charpentier AVP, Investor Relations and Corporate Finance Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses. We look forward to working with Lloyds and the international market to provide superior service and solutions.. HAMILTON, Bermuda February 2, 2023 Argo Group International Holdings, Ltd. (NYSE: ARGO) (Argo) today announced the completion of its previously announced sale of Argo Underwriting Agency Limited and its Lloyds Syndicate 1200 to Westfield. As part of Argos previously announced and ongoing review of strategic alternatives, the board continues to actively consider a wide range of options for the company. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Along with other strategic actions underway, the sale of our Lloyds business advances Argos primary objective to operate as a nimble, U.S.-centric, commercial specialty insurer. "As part of our review of . To ensure the most secure and best overall experience on our website, we recommend the latest versions of. You must be Registered or Signed in to post comment or to vote. Such statements are subject to certain risks and uncertainties that could cause actual events or results to differ materially. For a more detailed discussion of such risks and uncertainties, see Item 1A, "Risk Factors" in Argos Annual Report on Form 10-K and Form 10-K/A for the fiscal year ended December 31, 2021, as supplemented in Argos subsequent Quarterly Reports on Form 10-Q, and in other filings with the U.S. Securities and Exchange Commission. Goldman Sachs & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Argo. Argo Group International Holdings has entered into a definitive agreement for the sale of Argo Underwriting Agency Limited and its Lloyd's Syndicate 1200 to Westfield for total cash proceeds of approximately $125m or 0.81x price to book value as of first quarter 2022, subject to closing-related adjustments. As a more focused and streamlined company, we are better positioned to drive our business strategies and evaluate further strategic alternatives to create shareholder value. What eligibility changes should come into effect after the Bermuda Half-Marathon Derby controversy? Head of Investor Relations Each of the proposed transactions referenced in this press release is subject to risks and uncertainties, including, but not limited to, that the proposed transactions may be unable to be completed because of the failure to obtain required regulatory approvals or satisfy (or obtain waivers of) the closing conditions and uncertainty as to the timing of completion of the proposed transactions. The company said that represents 1.16x price to tangible book value or 0.81x price to book value as of first quarter 2022, subject to closing-related adjustments. Argo and its insurance subsidiaries are rated A- by Standard and Poors. We called it. We are pleased to complete this transaction, said Thomas A. Bradley, Argos executive chairman and chief executive officer. The deal was first announced in September of last year for a disclosed purchase price of approximately $125 million. Westfield President, CEO and Board Chair, Ed Largent, commented, This acquisition demonstrates Westfields commitment to the international specialty market. Theoretical Chemistry Research Group of Prof. Ryan P. Steele. Explore Argo Lines of Business. In 2020, Argo also signed a 356mn ($410mn) RITC deal with Riverstone for Syndicate 1200, which accounted for the 2017 and prior years of account. David Snowden London, UK, 4 October 2022 - Ariel Re, a global reinsurance business with offices in Bermuda, London and Hong Kong, has obtained approval to launch a Managing Agent at Lloyd's of London. For a more detailed discussion of such risks and uncertainties, see Item 1A, Risk Factors in Argos Annual Report on Form 10-K and Form 10-K/A for the fiscal year ended December 31, 2021, as supplemented in Argos subsequent Quarterly Reports on Form 10-Q, and in other filings with the U.S. Securities and Exchange Commission. Ariel Re received approval from the Prudential Regulatory Authority, the Financial Conduct Authority and Lloyd's in order to commence this new operation. Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses. Investors: Argo ran a sales process earlier this . For a more detailed discussion of such risks and uncertainties, see Item 1A, Risk Factors in Argos Annual Report on Form 10-K and Form 10-K/A for the fiscal year ended December 31, 2021, as supplemented in Argos subsequent Quarterly Reports on Form 10-Q, and in other filings with the U.S. Securities and Exchange Commission. "Along with other strategic actions underway, the sale of our Lloyds business advances Argos primary objective to operate as a nimble, U.S.-centric, commercial specialty insurer. Or find and follow Reinsurance News on social media. As a more focused and streamlined company, we are better positioned to drive our business strategies and evaluate further strategic alternatives to create shareholder value., Bradley continued, We believe Westfield and our Lloyds team members are well positioned for future growth and success, and we thank the Argo employees within those business units for their dedication to improving operational results in recent periods.. Simon Carter Peter Crowther/E+ via Getty Images Westfield, a closely held U.S.-based property and casualty insurer, is expanding into the international specialty market by acquiring Lloyd's. Join the best minds in the market - access the expertise, knowledge and insights to protect and develop your business. Tom Bradley, Argos executive chairman and chief executive officer (File photograph), Published September 09, 2022 at 7:41 am (Updated September 09, 2022 at 7:41 am), 1. [emailprotected], Phone: 441-296-5858Fax: LONDON - Sept. 2, 2019 - ArgoGlobal, the Lloyd's insurer and member of Argo Group, today announced plans to exit Syndicate 1200 underwriting operations in Asia and most of its hull underwriting business within the syndicate. As part of our review of strategic alternatives, we are taking decisive actions to optimize our operations and business structure, better positioning the company for continued profitable growth and returns in the U.S. as we strive to maximize value for shareholders, said Tom Bradley, Argos executive chairman and chief executive officer.
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