Jump to content

Argo Group

Add links
From Wikipedia, the free encyclopedia
Argo Group International Holdings, Inc
Company typePublic
NYSE: ARGO (2018-23)
IndustryInsurance
FoundedAugust 1948; 76 years ago (1948-08)
Headquarters501 7th Avenue, 7th Floor
New York, NY 10018
Key people
Jessica (Snyder) Buss
(President & CEO)
RevenueDecrease US$ 1.89 billion (2020)
Increase US$ 22.3 million (2020)
Decrease US$ 71.9 million (2020)
Total assetsDecrease US$ 10.47 billion (2020)
Total equityIncrease US$ 1.86 billion (2020)
Owner
Number of employees
1,515 (2020)
Websitewww.argogroup.com

Argo Group International Holdings, Inc, or Argo Group (NYSE: ARGO/PA; NYSE: ARGD), is a U.S.-based underwriter of specialty insurance products in the property and casualty market.[1]

It and its insurance subsidiaries are rated "A−" by Standard & Poor's. Argo's insurance subsidiaries are rated "A−" by AM Best. In 2017, the San Antonio Express-News wrote that "the company has made more than $1 billion in profit over the last decade as a mid-sized player in a niche field insuring complex or hard-to-price risks other insurers won’t touch."[2] It was listed on the New York Stock Exchange in May 2018.[3]

On November 16, 2023, the firm was acquired by Brookfield Reinsurance for approximately $1.1 billion.[4]

History

[edit]

Origin

[edit]

Argonaut Insurance was founded in California in 1948 as the Argonaut Insurance Exchange. It focused on underwriting workers compensation for the California construction industry.[5] It was acquired in 1969 by Teledyne Technologies,[6] then expanded into additional product lines and acquired Great Central Insurance.[6]

1986–2000

[edit]

In September 1986, Teledyne Technologies formed and then spun off Argonaut Group, with Argonaut Insurance and Great Central Insurance parts of the new company.[6] It focused on underwriting large-account workers compensation policies.[6]

2000–present

[edit]

In January 2000, Mark E. Watson III, a board member since 1999, became President and CEO.[7] The company moved its corporate office to San Antonio, Texas, in 2001.

The firm acquired Front Royal, Inc.[8] (along with its subsidiaries Colony and Rockwood), an insurance holding company headquartered in Morrisville, North Carolina, for $165 million in cash.[9] The acquisition added products and underwriting capabilities in areas complementary to Argonaut’s previous products.[9] Then they entered the public entity market by founding Trident Insurance.[10][9] In 2002, they acquired Fulcrum,[11] an excess and surplus lines underwriter[12] from Scor.[13] In 2003 they acquired Grocers from Royal & Sun Alliance USA,[14] expanding their Great Central platform. In 2005 they acquired the renewal rights to business formerly written by Interstate Insurance Group, subsidiaries of Fireman’s Fund.[15] In May 2005 they created Argonaut Specialty to underwrite accounts larger than what Colony traditionally wrote. In 2007 they merged with Bermuda-based PXRE, entering the reinsurance market.[16]

The new company renamed as Argo Group International Holdings, Ltd., and moved its public company home office to Bermuda, which offered a more favorable tax structure than the United States.[17][18]

In 2008, Trident Insurance Services acquired Massamont Insurance Agency, which specialized in insurance programs for public entities,[19] expanding Argo's public entity footprint into New England with offices in Greenfield and Boston, Mass. In April 2008, Argonaut Group re-branded as Argo Group. U.S. operations were packaged as Argo Group US. Peleus Re was renamed Argo Re. In Europe, it became known as Argo Solutions. In May, Argo Group acquired Heritage and its Lloyd’s syndicate for $272 million in order to create a broader underwriting platform with extended geographic capability.[20]

Argo Group also entered the surety insurance market in 2008 by launching Argo Surety as part of the commercial specialty unit for projects such as construction of schools, hospitals, roads, and other types of infrastructure.[21]

In September 2008, they acquired Insight Insurance, a specialist in professional liability insurance for accounting professionals, architects, engineers and insurance agents.[22] In October, they established Argo Pro, a consolidation of their professional liability operations.[23]

In 2010, the company paid out $25 million in claims to everyone present at the Deepwater Horizon oil spill in the Gulf of Mexico. In 2012, Argo Seguros, which specializes in property and casualty underwriting, opened in São Paulo, Brazil. Products include domestic and international transport insurance, general liability policies and liability coverage for managers and professionals with a focus on SMEs.[24]

Argo also insures concerts and other major events, including event cancelation coverage for the Irish rock band U2. In 2017, the company paid a claim to Disney, who had bought insurance against the possibility that actress Carrie Fisher would die before filming Star Wars: The Rise of Skywalker.[25]

In 2018, Argo moved the listing of its shares from the NASDAQ to the New York Stock Exchange, and its ticker symbol changed from AGII to ARGO. On May 7, 2018, CEO Mark Watson III rang the opening bell of the NYSE.[26]

In 2019, the company announced the retirement CEO Mark Watson III from Argo Group. Following the announcement, Argo Group’s board of directors named CFO Kevin Rehnberg interim CEO.[27]

In February 2020, Argo Group named Kevin J. Rehnberg as chief executive officer.[28]

In June 2022, Argo Group appointed Thomas A. Bradley, who had served as Argo’s chairman since 2020, and who had been serving as interim chief executive officer (“CEO”) since March 2022, as CEO, effective immediately.[29]

In August 2023, following the completion of Brookfield Re's acquisition of Argo Group, Jessica (Snyder) Buss was named as CEO, replacing Thomas Bradley.[30]

Business

[edit]

Argo Group is a U.S.-focused underwriter of specialty insurance products in the property and casualty market. The company offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses.[31]

U.S. Coverage Highlights

[edit]

Inside the U.S., Argo delivers custom insurance products and services through a broad distribution platform and provides superior underwriting solutions for risks underwritten in the admitted and non-admitted insurance markets. From product manufacturers to contractors to healthcare providers, Argo offers coverage for a broad range of risks that fall outside the standard insurance market portfolio and appetite for risk. Argo's expertise spans a broad range, including construction, in-land marine, surety, environmental, casualty and specialty retail. Argo also provides management and professional lines products and specialized commercial niche programs.[32]

International Coverage Highlights

[edit]

Through its Lloyd’s Syndicate 1200 platform, ArgoGlobal is focused on U.S. non-admitted and global specialty risks and reinsurance to close (RITC) transactions. Brokers may also access ArgoGlobal underwriters at Lloyd’s offices in Brazil and Dubai.

Argo Insurance’s excess casualty, property and professional lines provide access to non-Lloyd’s intermediaries outside the U.S.[33]

In February 2023, Argo Group completed the sale of Argo Underwriting Agency Limited and its Lloyd’s Syndicate 1200 (ArgoGlobal) to Westfield for total cash proceeds of approximately $125 million.[34]

Philanthropy

[edit]

Argo Group's corporate giving contributions are primarily guided by employees and occasionally companywide at the group level.[35] The company works with organizations inside and outside the insurance industry on critical initiatives such as diversity and inclusion, scholarships,[36] the environment and sustainability,[37] the Insurance Careers movement[38] and CAT/disaster relief.[39]

Team Argo

[edit]

A volunteer program allows Argo employees to donate their time to non-profit organizations and participate each year in local fundraising events. Additionally, Argo's Volunteer Time Off policy provides each employee with one day (eight hours) of paid time off each year to volunteer.[40]

Community Relations Committees

[edit]

Argo's Community Relations Committees are employee-led groups that have a voice in what Argo supports, while promoting giving back across the enterprise. Committees are established in Bermuda; New York; Chicago; Richmond, Virginia; and San Antonio.[41]

Argo Group Gold Cup

[edit]

Argo Group was a title sponsor (from 2008 to 2020) for the King Edward VII Gold Cup, an Alpari Group World Match Racing Tour held in Hamilton Harbour, Bermuda every October.[42] The race is hosted by the Royal Bermuda Yacht Club[42] racing to earn points towards the ISAF Match Racing World Championship.[43]

References

[edit]
  1. ^ "AGII Company Profile". Archived from the original on 2015-04-02.
  2. ^ Patrick Danner (May 19, 2017). "Who insured Princess Leia? Argo Group made more than $1B covering 'weird stuff'". San Antonio Express-News. Retrieved May 18, 2018.
  3. ^ "Global Insurer Argo Group Switches Exchange Listing to NYSE". Rivard Report. May 8, 2018. Retrieved May 18, 2018.
  4. ^ "Brookfield Reinsurance Completes $1.1 Billion Acquisition of Argo Group". Business Wire. Retrieved 2023-12-11.
  5. ^ "Insurance Works: Argonaut Insurance".
  6. ^ a b c d "Argo Group Historical Timeline" (PDF). Archived from the original (PDF) on 2014-03-11. Retrieved 2014-03-11.
  7. ^ "Securing the Future". Archived from the original on 2014-03-11.
  8. ^ "Yahoo! Finance profile: AGII".
  9. ^ a b c "Argonaut Group Inc. Acquires Holding Company". Insurance Journal. August 27, 2001.
  10. ^ "Bloomberg: Company Overview of Trident Insurance Services, LLC". Archived from the original on March 11, 2014.
  11. ^ "Argonaut Buys Fulcrum Renewals".
  12. ^ "Argonaut Group buys French firm's US underwriting business".
  13. ^ "Argonaut Obtains Renewal Rights to Fulcrum E&S Lines from SCOR". Insurance Journal.
  14. ^ "Arrowpoint Capital to Acquire US Businesses of Royal & Sun Alliance Insurance Group plc through Management Led Buyout".
  15. ^ "Argonaut Group Acquires Renewal Rights of the Binding Authority business segment of Fireman's Fund Binding Authority Business". Business Wire.
  16. ^ "Argonaut Group, PXRE Group plan to merge". Reuters.
  17. ^ "Insurer Argonaut, Reinsurer PXRE to Merge, Forming Argo Group". Insurance Journal.
  18. ^ Patrick Danner (May 19, 2017). "Who insured Princess Leia? Argo Group made more than $1B covering 'weird stuff'". San Antonio Express-News. Retrieved May 18, 2018.
  19. ^ "Argo Group's Trident Buys New England's Massamont Agency". Insurance Journal.
  20. ^ Sclafane, Susanne (April 2, 2008). "Argo Buying Lloyd's Heritage For $272 Million". Property Casualty 360.
  21. ^ Banks, Richard (May 7, 2008). "Argo unveils plan to launch US surety unit on back of $36.9m Q1 earnings". Lloyd's List. Retrieved June 14, 2021.
  22. ^ "Bermuda's Argo Buys Illinois Based Professional Liability Manager Insight". Insurance Journal.
  23. ^ "Argo Group Historical Timeline" (PDF). Archived from the original (PDF) on 2014-03-11. Retrieved 2014-03-11.
  24. ^ "BNamericas - Argo unit to begin operations in January". BNamericas.com. Retrieved 2021-06-14.
  25. ^ Patrick Danner (May 19, 2017). "Who insured Princess Leia? Argo Group made more than $1B covering 'weird stuff'". San Antonio Express-News. Retrieved May 18, 2018.
  26. ^ "Global Insurer Argo Group Switches Exchange Listing to NYSE". Rivard Report. May 8, 2018. Retrieved May 18, 2018.
  27. ^ Adriano, Lyle (November 6, 2019). "Argo Group CEO steps down immediately". Insurance Business. Retrieved 2019-11-07.
  28. ^ "Thomas A. Bradley to Serve as Argo Group Chairman; Kevin J. Rehnberg Named CEO and Board Nominee". www.nasdaq.com. Retrieved 2021-06-14.
  29. ^ "Argo Group Appoints Bradley as CEO as Rehnberg Departs". Carrier Management. Retrieved 2024-04-18.
  30. ^ None (2023-11-16). "Argo names Jessica Snyder CEO as $1.1bn Brookfield Re takeover deal closes". The Insurer. Retrieved 2024-04-18.
  31. ^ "ARGO Stock Price | Argo Group International Holdings Ltd. Stock Quote (U.S.: NYSE)". MarketWatch. Retrieved 2021-06-14.
  32. ^ "Argo Group International Holdin (ARGO) Company Profile & Facts - Yahoo Finance". finance.yahoo.com. Retrieved 2021-06-14.
  33. ^ "ARGO - Argo Group International Holdings Ltd Company Profile - CNNMoney.com". money.cnn.com. Retrieved 2021-06-14.
  34. ^ admin (2023-02-03). "Westfield Completes Acquisition of Lloyd's of London Syndicate 1200". Insurance Journal. Retrieved 2024-04-18.
  35. ^ SEC. "Argo Group International Holdings, Ltd. 2021 Definitive Proxy Statement DEF 14A". SEC.report. Retrieved 2021-06-14.
  36. ^ "Spencer and Argo Group Partner to Create Inaugural Diversity Scholarship". Spencer Educational Foundation. Retrieved 2021-06-14.
  37. ^ "Argo Group: Lessons in effective corporate social responsibility". www.insuranceerm.com. Retrieved 2021-06-14.
  38. ^ "Insurance Careers Month". Insurance Careers Trifecta. Retrieved 2021-06-14.
  39. ^ [email protected]. "The ClimateWise Insurance Advisory Council — Cambridge Institute for Sustainability Leadership". www.cisl.cam.ac.uk. Retrieved 2021-06-14.{{cite web}}: CS1 maint: numeric names: authors list (link)
  40. ^ "Argo Group Is Dedicated To The Communities We Serve". Argo Group. Retrieved 2021-06-14.
  41. ^ SA2020. "How Argo Group Drives Progress in San Antonio | SA2020". sa2020.org. Retrieved 2021-06-14.{{cite web}}: CS1 maint: numeric names: authors list (link)
  42. ^ a b "Argo Group to Sponsor 2008 Bermuda Gold Cup". World Match Racing Tour. Archived from the original on 2014-03-11.
  43. ^ "Argo Renews". The Daily Sail.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=Argo_Group&oldid=1235763524"