Casualty insurance for the manufacturing, services, and materials production sectors. Argo undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. 1950 of 2008, the Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008. Goldman Sachs & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Argo. The Syndicate made a loss of 53.9m, compared with a loss of 27.4m in 2019. Please Note: Only individuals with an active subscription will be able to access the full article. More information on Argo and its subsidiaries is available at www.argogroup.com. Discover our suite of tools and technologies to support your business needs. of Chemistry University of Utah 315 S 1400 E Salt Lake City, UT 84112 (801) 587-3800 Office: 4611 Thatcher . Stay on top of all the latest news impacting the insurance marketplace and understand the innovations, trends and insights on the changing risk landscape. 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. [emailprotected], Gregory Charpentier Trans Mountain Insurer Argo Commits to Cut Ties With the Pipeline Transaction will simplify corporate structure and drive greater efficiencies with increased focus on core U.S. businesses. Headquartered in Bermuda, Argo Group has offices in eleven countries worldwide, writing a diverse, truly global book of business. 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.. [emailprotected], Phone: 441-296-5858Fax: The transaction is expected to close in the first half of 2023. 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. 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. 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. Liability insurance for the environmental industry and organizations with environmental liabilities. Kuhn said, Were interested in new opportunities for product expansion and in working with clients and brokers to solve problems and find new solutions.. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Westfield Expands Into International Specialty Insurance Business Possible downgrade for Argo's Lloyd's Syndicate 1200 david.snowden@argogroupus.com, Argo Group Announces Sale of Lloyds Syndicate 1200 to Westfield, Internet Explorer presents a security risk. 210-321-2104 Argo Syndicate 1200 sale: The harbinger of a new Lloyd's M&A cycle? 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. 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. Argos insurance subsidiaries are rated A- by A.M. Best. 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. Syndicate 1200 principally writes accident and health, motor, third-party liability, marine, fire and peril insurance. We called it. Brigham Young University. Center for Molecular Genealogy 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. Argo Group sells Lloyd's Syndicate Created: Sep 09, 2022 07:41 AM. Such statements are subject to certain risks and uncertainties that could cause actual events or results to differ materially. 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. AVP, Investor Relations and Corporate Finance 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. We have 220,000+ readers every month & 25,000+ email subscribers. 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. PDF Important information about Syndicate Reports and Accounts - Lloyd's 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. The announcement comes after this publication revealed last week that Argo and Westfield were in advanced talks over a deal. Loss Run. 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. 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. Find and access the services you need to do your job. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo that Argos objectives will be achieved. You should not place undue reliance on any such statements. Gross written premiums reduced from 561.4m in 2019 to 518.4m in 2020. All rights reserved. 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Welcome to Lloyds the worlds insurance marketplace. Tom Bradley, Argo's executive chairman and chief executive officer (File photograph) 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. 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 offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses. Cancel. Westfield President, CEO and Board Chair, Ed Largent, commented, This acquisition demonstrates Westfields commitment to the international specialty market. Argo has been an active run-off seller . 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. The decision to launch a process to find a new owner for Syndicate 1200 will test the market for Lloyd's acquirers and is likely to prove challenging. 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 978-387-4150 Join the best minds in the market - access the expertise, knowledge and insights to protect and develop your business. What eligibility changes should come into effect after the Bermuda Half-Marathon Derby controversy? All content copyright Steve Evans Ltd. 2021 All rights reserved. Counterparty analysis for Argo Lloyd's syndicate 6117. 210-321-2104 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 business plans for Syndicate 1200 and SPS 6127 have now received approval from the Lloyds Capital Planning Group. Argo and its insurance subsidiaries are rated A- by Standard and Poors. 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. Argos insurance subsidiaries are rated A- by A.M. Best. 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. 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. 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. Argos insurance subsidiaries are rated A- by A.M. Best. 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. Argo to receive total cash proceeds of approximately $125 million. More information on Argo and its subsidiaries is available at www.argogroup.com. 210-321-2104 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. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. Bringing together experts who share intelligence, judgement, capital and risk to create a braver world. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. 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. 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. "As part of our review of . Lloyd's Syndicate 6117 - Syndicate Research - Argo 6117 We are pleased to complete this transaction, said Thomas A. Bradley, Argos executive chairman and chief executive officer. Website Privacy & Cookies and Disclaimer. "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. Argo Group International Holdings, Ltd. (NYSE: ARGO) is a U.S. focused underwriter of specialty insurance products in the property and casualty market. Explore Argo Lines of Business. Andrew Hersom Continuity Opinions, key performance data and peer comparisons for the past 9 years. 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. 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.. Head of Investor Relations Discover our suite of tools and technologies to support your business needs. ArgoGlobal's Lloyd's Syndicate 1200 to exit Asia - ReinsuranceNe.ws David Snowden More information on Argo and its subsidiaries is available at www.argogroup.com. ArgoGlobal Underwriting Division 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. 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. 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. Argo offers a full line of products. View source version on businesswire.com: https://www.businesswire.com/news/home/20220907006259/en/, Investors: Andrew HersomHead of Investor Relations860-970-5845andrew.hersom@argogroupus.com, Gregory CharpentierAVP, Investor Relations and Corporate Finance978-387-4150gregory.charpentier@argogroupus.com, Media:David SnowdenSenior Vice President, Group Communications210-321-2104david.snowden@argogroupus.com, The Most Expensive Private Jets In Hollywood, https://www.businesswire.com/news/home/20220907006259/en/. 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. 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.. Argo ran a sales process earlier this . 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. Argo to receive total cash proceeds of approximately $125 million. The transaction is expected to close in the first half of 2023. Argo to sell Syndicate 1200 to Westfield for $125mn - Inside P&C

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