More information on Argo and its subsidiaries is available at www.argogroup.com. Senior Vice President, Group Communications Goldman Sachs & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Argo. Westfield Completes Acquisition of Lloyd's of London Syndicate 1200 [emailprotected], Gregory Charpentier Discover the breadth of the Lloyds marketplace and find the experts to support your risk - whatever the size and complexity. 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 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. 3rd February 2023 - Author: Kane Wells. More information on Argo and its subsidiaries is available at www.argogroup.com. 978-387-4150 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. Argo to test market appetite for Lloyd's businesses with Syndicate 1200 Welcome to Lloyds the worlds insurance marketplace. [emailprotected], Phone: 441-296-5858Fax: ArgoGlobal Underwriting Division More information on Argo and its subsidiaries is available at www.argogroup.com. 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 syndicate sale: Bermuda's failed Lloyd's experiment revisited Casualty insurance for the manufacturing, services, and materials production sectors. You should not place undue reliance on any such statements. Find and access the services you need to do your job. Agent: Ariel Re Managing Agency Limited Syndicate Research . The business plans for Syndicate 1200 and SPS 6127 have now received approval from the Lloyds Capital Planning Group. Find Attachment-based Treatment Centers in Utah, get help from Utah Attachment-based Rehab for Attachment-based Treatment in Utah. Argo has moved quickly to reboot its group-level sale process after it sealed a deal to sell its Lloyd's syndicate to Westfield, this publication can reveal. Head of Investor Relations Argo and its insurance subsidiaries are rated A- by Standard and Poors. 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. Westfield completes acquisition of Lloyd's Syndicate 1200 from Argo Argo to receive total cash proceeds of approximately $125 million. Generic filters. More information on Argo and its subsidiaries is available at www.argogroup.com. AVP, Investor Relations and Corporate Finance 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. 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). We have 220,000+ readers every month & 25,000+ email subscribers. Head of Investor Relations The transaction is expected to close in the first half of 2023. Argo to test market appetite for Lloyd's businesses with Syndicate 1200 Westfield Specialty acquires Argo's Lloyd's Syndicate 1200 in $125m Loss Run. 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. The announcement comes after this publication revealed last week that Argo and Westfield were in advanced talks over a deal. Investors: Ariel Re received approval from the Prudential Regulatory Authority, the Financial Conduct Authority and Lloyd's in order to commence this new operation. 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. Andrew Hersom David Snowden Syndicate 1200 sale reassures Lloyd's, serves Westfield and Argo 860-970-5845 The Syndicate made a loss of 53.9m, compared with a loss of 27.4m in 2019. Possible downgrade for Argo's Lloyd's Syndicate 1200 Bringing together experts who share intelligence, judgement, capital and risk to create a braver world. 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. 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 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 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. Managing Agent Name: Argo Managing Agency Limited. 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. 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. 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. Argo offers a full line of products. 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. 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 offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses. ", 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.". To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Tom Bradley, Argo's executive chairman and chief executive officer (File photograph) 860-970-5845 Argo Group announces sale of Lloyd's Syndicate 1200 to Westfield 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. Westfield Completes Acquisition of Lloyd's of London Syndicate 1200 Argo offers a full line of products. Loss Run. 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 Syndicate 1200 sale: The harbinger of a new Lloyd's M&A cycle? Argo Group sells Lloyd's Syndicate Created: Sep 09, 2022 07:41 AM. Get reinsurance news by email here. Argo undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. Senior Vice President, Group Communications 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 move comes as part of recent actions undertaken by the firm to improve profitability in the syndicate. 978-387-4150 Argo Group International Holdings, Ltd. (NYSE: ARGO) is a U.S. focused underwriter of specialty insurance products in the property and casualty market. 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.. 210-321-2104 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. ArgoGlobal Syndicate 1200 to Exit Asia - Argo Group Continuity Opinions, key performance data and peer comparisons for the past 9 years. Argo Group International Holdings, Ltd. (NYSE: ARGO) is a U.S. focused underwriter of specialty insurance products in the property and casualty market. At the time, Syndicate 1200 was estimated to have a book of business sized at $650 million, focused on numerous lines of specialty insurance. Argo undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. 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. Argos insurance subsidiaries are rated A- by A.M. Best. We also publish Artemis.bm, the leading publisher of news, data and insight for the catastrophe bond, insurance-linked securities, reinsurance convergence, longevity risk transfer and weather risk management sectors.. Weve published and operated Artemis since its launch 20 years ago and have a readership of around 60,000 every month. Or find and follow Reinsurance News on social media. PDF Important information about Syndicate Reports and Accounts - Lloyd's 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. 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.
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