david.snowden@argogroupus.com, Argo Group Announces Closing of Lloyds Syndicate 1200 Transaction, Internet Explorer presents a security risk. Please Note: Only individuals with an active subscription will be able to access the full article. Syndicate 1200 principally writes accident and health, motor, third-party liability, marine, fire and peril insurance. Argo is likely to market itself by arguing the ship is already turning, with its 2020 . 441-296-6162[emailprotected], (Access online manuals and employee phone listings), Argo Group Reports First Quarter 2023 Results, Argo Group Schedules First Quarter 2023 Earnings Release, GCIS Agency / Policyholder On-line 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. He anticipates a seamless transition, adding that the international team is well-positioned to leverage the respected 175-year-old Westfield brand alongside the strength and stability of the Lloyd platform. Argo to receive total cash proceeds of approximately $125 million. We have 220,000+ readers every month & 25,000+ email subscribers. Headquartered in Bermuda, Argo Group has offices in eleven countries worldwide, writing a diverse, truly global book of business. 860-970-5845 "As part of our review of . Argo has been an active run-off seller . 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. Argo Group has agreed to sell its underwriting agency and Lloyd's Syndicate 1200 to Westfield for $125mn, or 1.16x tangible book value as of Q1 2022. 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. Discover our suite of tools and technologies to support your business needs. Such statements are subject to certain risks and uncertainties that could cause actual events or results to differ materially. Argo and its insurance subsidiaries are rated A- by Standard and Poors. The underwriting results have been determined on an annual 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,. Andrew Hersom Investors: Find and access the services you need to do your job. Thomas A. Bradley, Argos executive chairman and CEO, stated, We are pleased to complete this transaction. 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). Argo Group International Holdings, Ltd. (NYSE: ARGO) is a U.S. focused underwriter of specialty insurance products in the property and casualty market. What eligibility changes should come into effect after the Bermuda Half-Marathon Derby controversy? Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses. 860-970-5845 Additionally please clear both your browser's cache and cookies -. 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. Tom Bradley, Argo's executive chairman and chief executive officer (File photograph) "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. February 5, 2023 | 0 Comments Argo Group International Holdings, Ltd. announced the completion of its previously announced sale of Argo Underwriting Agency Limited and its Lloyd's. Top Global Insurance & Reinsurance Brokers, The deal was first announced in September of last year, Global reinsurer capital increased to $605bn in Q1, reports Aon, Suncorp joins the Australian Cyclone Reinsurance Pool. In order to meet the varied demands of clients, Argo Underwriting Division offers reinsurance services in the following specialist classes via Lloyds China platform: ArgoGlobal Underwriting Division offers brokers and clients flexible, specialist and responsive underwriting to meet their needs and provide reinsurance support throughout China and the region. of Chemistry University of Utah 315 S 1400 E Salt Lake City, UT 84112 (801) 587-3800 Office: 4611 Thatcher . John Sullivan of Insurgence USA held his first armed protest on 22 July at the Utah state capitol, carrying an AR-15 and a magazine of ammo. 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. Scott Woodward, director of the Center for all three years of its existence, developed Sorenson's ideas and created a way of scientifically tracing DNA to determine genealogy. [emailprotected], Media: Westfield Expands Into International Specialty Insurance Business With Purchase of Lloyd's of London Syndicate 1200 From Argo Group September 08, 2022 09:25 AM Eastern Daylight Time Kuhn said, Were interested in new opportunities for product expansion and in working with clients and brokers to solve problems and find new solutions.. HAMILTON, Bermuda--(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. Westfield Specialty, a US property and casualty insurer, has announced the completion of its acquisition of Lloyd's of London Syndicate 1200 from Argo Group International Holdings. Brief Introduction Argo Managing Agency Ltd. is a member of Argo Group (NasdaqGS: AGII), an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Or find and follow Reinsurance News on social media. 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. [emailprotected], Gregory Charpentier Goldman Sachs & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Argo. We thank our Lloyds team members for their work and dedication to our business over the years, and we are confident they will have a bright future ahead with Westfield.. 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. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo that Argos objectives will be achieved. 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. Argo and its insurance subsidiaries are rated A- by Standard and Poors. 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. Argo offers a full line of products. Westfield President, CEO and Board Chair, Ed Largent, commented, This acquisition demonstrates Westfields commitment to the international specialty market. Join the best minds in the market - access the expertise, knowledge and insights to protect and develop your business. Theoretical Chemistry Research Group of Prof. Ryan P. Steele. Argo and its insurance subsidiaries are rated A- by Standard and Poors. 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. Generic filters. 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. 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. AVP, Investor Relations and Corporate Finance David Snowden Get in touch directly using our contact form. 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. The Syndicate made a loss of 53.9m, compared with a loss of 27.4m in 2019. At the . 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. Head of Investor Relations Discover the breadth of the Lloyds marketplace and find the experts to support your risk - whatever the size and complexity. Loss Run. Lloyds Insurance Company (China) Limited, Marine Underwriting Manager Use of this website signifies your agreement to the Terms of Service and Privacy Policy 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. You should not place undue reliance on any such statements. Bringing together experts who share intelligence, judgement, capital and risk to create a braver world. Welcome to . 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. Headquartered in Bermuda, Argo Group has offices in eleven countries worldwide, writing a diverse, truly global book of business. 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. Argo undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. Gross written premiums reduced from 561.4m in 2019 to 518.4m in 2020. Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD. Argo Group International Holdings, Ltd. (NYSE: ARGO) is a U.S. focused underwriter of specialty insurance products in the property and casualty market. Get reinsurance news by email here. Liability insurance for the environmental industry and organizations with environmental liabilities. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as positioning, expect, intend, plan, believe, do not believe, aim, project, anticipate, seek, will, likely, assume, estimate, may, continue, create, maximize, guidance, objective, outcome, remain optimistic, outlook, trends, future, could, would, should, target, simplifies, on track and similar expressions of a future or forward-looking nature. 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. The deal follows a solid year for Westfield Specialty, which wrote nearly $300 million of premium in the US in 2022. More information on Argo and its subsidiaries is available at www.argogroup.com. 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. Argos insurance subsidiaries are rated A- by A.M. Best. Find Attachment-based Treatment Centers in Utah, get help from Utah Attachment-based Rehab for Attachment-based Treatment in Utah.