SYNDICATE 1200 Argo Managing Agency Limited Syndicate 1200/1910 Report and Accounts 2019. 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. Theoretical Chemistry Research Group of Prof. Ryan P. Steele. 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. David Snowden 210-321-2104 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. 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. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Aons recent mid-year Reinsurance Market Dynamicsreport shows that global reinsurer , Insurer Suncorp Group has announced that it has joined the , Life insurer and asset manager Aegon has announced it is . 210-321-2104 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. Investors: Bringing together experts who share intelligence, judgement, capital and risk to create a braver world. 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. The transaction is expected to close in the first half of 2023. Argo Group International Holdings, Ltd. (NYSE: ARGO) is a U.S. focused underwriter of specialty insurance products in the property and casualty market. 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. David Snowden 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. Lloyds Insurance Company (China) Limited, Marine Underwriting Manager 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. ArgoGlobal Underwriting Division Argo and its insurance subsidiaries are rated A- by Standard and Poors. Argo has been an active run-off seller . 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. The reinvention of Bermudian-based Argo Group International Holdings Ltd has picked up pace with the announcement that the company has entered into a definitive agreement for the sale of Argo Underwriting Agency Limited and its Lloyds Syndicate 1200 to US-based Westfield Specialty for total cash proceeds of approximately $125 million. You should not place undue reliance on any such statements. 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. [emailprotected], Phone: 441-296-5858Fax: Contents Section 1: Syndicate 1200 Report and Syndicate Annual Accounts . 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. [emailprotected], David Snowden Lloyd's of London insurer and member of Argo Group, ArgoGlobal, has announced plans to exit Syndicate 1200 underwriting operations in Asia and the majority of its hull underwriting business within the syndicate. Join the best minds in the market - access the expertise, knowledge and insights to protect and develop your business. 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. Argo is likely to market itself by arguing the ship is already turning, with its 2020 . All rights reserved. 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 move comes as part of recent actions undertaken by the firm to improve profitability in the syndicate. More information on Argo and its subsidiaries is available at www.argogroup.com. 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. 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. The Combined Ratio increased to 116.0%, from 109.2% in the previous year. [emailprotected], Gregory Charpentier 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. Along with other strategic actions under way, the sale of our Lloyds business advances Argos primary objective to operate as a nimble, US-centric commercial specialty insurer. Explore Argo Lines of Business. This press release and any related oral statements may include forward-looking statements that reflect our current views with respect to future events and financial performance. Continuity Opinion: Subscribe to view Outlook: Subscribe to view. 210-321-2104 Goldman Sachs & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Argo. Westfield President, CEO and Board Chair, Ed Largent, commented, This acquisition demonstrates Westfields commitment to the international specialty market. 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 . "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. In order to meet the varied demands of clients, Argo Underwriting Division offers reinsurance services in the following specialist classes via Lloyd's China platform: Director of Underwriting This field is for validation purposes and should be left unchanged. All other readers will be directed to the abstract and would need to subscribe. That change in gross premiums written in the source of business is 5% or more of the total gross premiums written in the disseminated syndicate business forecast. All existing policies remain valid and the company will manage claims handling through its London operation. Loss Run. 860-970-5845 Discover our suite of tools and technologies to support your business needs. Successfully executing on its Specialty Insurance expansion strategy, Westfield today announced its entrance into the international specialty market via the purchase of Lloyd's of London Syndicate 1200 from Argo Group International Holdings, Ltd. (NYSE: ARGO). Argo to receive total cash proceeds of approximately $125 million. You must be logged in to post or view comments with Disqus. 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. Join the best minds in the market - access the expertise, knowledge and insights to protect and develop your business. Sources said financial adviser Goldman Sachs has approached potential bidders around the asset and invited them to engage ahead of a sales process. Andrew Hersom More information on Argo and its subsidiaries is available at www.argogroup.com. of Chemistry University of Utah 315 S 1400 E Salt Lake City, UT 84112 (801) 587-3800 Office: 4611 Thatcher . More information on Argo and its subsidiaries is available at www.argogroup.com. At the . 1950 of 2008, the Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008. 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. Cancel. Ariel Re received approval from the Prudential Regulatory Authority, the Financial Conduct Authority and Lloyd's in order to commence this new operation. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. Andrew Hersom 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. Argo ran a sales process earlier this . Argo to receive total cash proceeds of approximately $125 million. The deal was first announced in September of last year for a disclosed purchase price of approximately $125 million. Argos insurance subsidiaries are rated A- by A.M. Best. Argo undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. 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.. 860-970-5845 Discover the breadth of the Lloyds marketplace and find the experts to support your risk - whatever the size and complexity. Transaction expected to close in first half of 2023. Goldman Sachs & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Argo. 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. 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 and services designed to meet the unique coverage and claims-handling needs of businesses. Tom Bradley, Argos executive chairman and chief executive officer, said: As part of our review of strategic alternatives, we are taking decisive actions to optimise our operations and business structure, better positioning the company for continued profitable growth and returns in the US as we strive to maximise value for shareholders. Argo undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. Transaction will simplify corporate structure and drive greater efficiencies with increased focus on core U.S. businesses. 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. Investors: What eligibility changes should come into effect after the Bermuda Half-Marathon Derby controversy? Kuhn said, Were interested in new opportunities for product expansion and in working with clients and brokers to solve problems and find new solutions.. AVP, Investor Relations and Corporate Finance 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.. Steve Evans Ltd. registered in England No. 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. Senior Vice President, Group Communications Possible downgrade for Argo's Lloyd's Syndicate 1200 7th October 2021 - Author: Staff Writer Syndicate Research Limited has downgraded the B- (Below Average), negative outlook, Continuity Opinion of Lloyd's syndicate 1200 (Argo Managing Agency Limited) to C+ (Below Average) and placed the Continuity Opinion under review for possible downgrade. AVP, Investor Relations and Corporate Finance This press release and any related oral statements may include forward-looking statements that reflect our current views with respect to future events and financial performance. You must be Registered or Signed in to post comment or to vote. We look forward to working with Lloyds and the international market to provide superior service and solutions.. Head of Investor Relations 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 transaction is expected to close in the first half of 2023. ArgoGlobal Underwriting Division offers brokers and clients exible, specialist and responsive underwriting to meet their needs and provide reinsurance support throughout China and the region. 978-387-4150 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. This press release and any related oral statements may include forward-looking statements that reflect our current views with respect to future events and financial performance. 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. Goldman Sachs & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Argo. Such statements are subject to certain risks and uncertainties that could cause actual events or results to differ materially. 978-387-4150 The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo that Argos objectives will be achieved. Website Privacy & Cookies and Disclaimer. gregory.charpentier@argogroupus.com, Media: 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. As a consequence, Syndicate 1200 has triggered Auction Rule 4(4)(b)(v) because the amount of gross premiums written for a source of business in syndicate 1200's approved business plan has increased by 10% or more compared to the amount of gross premiums written for the same source of business in the disseminated syndicate business forecast. Head of Investor Relations With GWP of 518mn ($716mn) in 2020, the business is sizeable and last made an underwriting profit in 2015. 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. 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 Home; Group; Research; Publications; Tools; Teaching; Ryan P. Steele Dept. 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. 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. The Lloyds of London market offers long-term growth opportunities and were excited to offer brokers, agents, and clients greater access to Westfields expertise and product offerings.. 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. Westfield Specialty notes that the transaction will accelerate its entry into international markets, putting its overall portfolio in excess of $1 billion in premium. Gross written premiums reduced from 561.4m in 2019 to 518.4m in 2020. Senior Vice President, Group Communications Commits Resources, Expertise to International Specialty Market WESTFIELD CENTER, Ohio (February 2, 2023) Westfield today announces the completion of its acquisition of Lloyd's of London Syndicate 1200 from Argo Group International Holdings Ltd. (NYSE: ARGO). Head of Investor Relations Thomas A. Bradley, Argos executive chairman and CEO, stated, We are pleased to complete this transaction. Casualty insurance for the manufacturing, services, and materials production sectors. The Syndicate made a loss of 53.9m, compared with a loss of 27.4m in 2019. "As part of our review of . Argo and its insurance subsidiaries are rated A- by Standard and Poors. The deal was first announced in September of last year for a disclosed purchase price of approximately $125 million. Discover the breadth of the Lloyds marketplace and find the experts to support your risk - whatever the size and complexity. Argos insurance subsidiaries are rated A- by A.M. Best. Argo Group International Holdings, Ltd. (NYSE: ARGO) is a U.S. focused underwriter of specialty insurance products in the property and casualty market. Argo to receive total cash proceeds of approximately $125 million. 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. Liability insurance for the environmental industry and organizations with environmental liabilities. Get reinsurance news by email here. We have 220,000+ readers every month & 25,000+ email subscribers. 860-970-5845 You should not place undue reliance on any such statements. 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. 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. We are pleased to complete this transaction, said Thomas A. Bradley, Argos executive chairman and chief executive officer. Argos insurance subsidiaries are rated A- by A.M. Best. Reach the largest reinsurance audience. 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. 3rd February 2023 - Author: Kane Wells. 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. Use of this website signifies your agreement to the Terms of Service and Privacy Policy 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. 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. AVP, Investor Relations and Corporate Finance Welcome to Lloyds the worlds insurance marketplace. 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. The underwriting results have been determined on an annual Agent: Ariel Re Managing Agency Limited Syndicate Research . 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. david.snowden@argogroupus.com, Argo Group Announces Sale of Lloyds Syndicate 1200 to Westfield, 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. 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. Continuity Opinions, key performance data and peer comparisons for the past 9 years. Stay on top of all the latest news impacting the insurance marketplace and understand the innovations, trends and insights on the changing risk landscape. The transaction is expected to close in the first half of 2023. AVP, Investor Relations and Corporate Finance Andrew Hersom We called it. Get in touch directly using our contact form. 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. We are pleased to complete this transaction, said Thomas A. Bradley, Argos executive chairman and chief executive officer. "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.
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