Argos insurance subsidiaries are rated A- by A.M. Best. [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. Argo to receive total cash proceeds of approximately $125 million. Argo Group International Holdings 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 $125m or 0.81x price to book value as of first quarter 2022, subject to closing-related adjustments. AVP, Investor Relations and Corporate Finance Join the best minds in the market - access the expertise, knowledge and insights to protect and develop your business. 210-321-2104 Or find and follow Reinsurance News on social media. All rights reserved. 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). ArgoGlobal Underwriting Division is the underwriting division within Lloyds China specific to Argo Syndicate 1200 at Lloyds, managed by Argo Managing Agency Ltd. ArgoGlobal Underwriting Division is the underwriting division within Lloyds China specific to Argo Syndicate 1200 and 1910 at Lloyds, managed by Argo Managing Agency Ltd. 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. Argo undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. of Chemistry University of Utah 315 S 1400 E Salt Lake City, UT 84112 (801) 587-3800 Office: 4611 Thatcher . 1950 of 2008, the Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008. Transaction expected to close in first half of 2023. Headquartered in Bermuda, Argo Group has offices in eleven countries worldwide, writing a diverse, truly global book of business. 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. Stay on top of all the latest news impacting the insurance marketplace and understand the innovations, trends and insights on the changing risk landscape. LLoyd's Syndicate 6117. 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. 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. 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. Welcome to . Counterparty analysis for Argo Lloyd's syndicate 6117. 978-387-4150 Argo offers a full line of products. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 07337195 More information on Argo and its subsidiaries is available at www.argogroup.com. 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 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. 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. Head of Investor Relations Goldman Sachs & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Argo. Find and access the services you need to do your job. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The Syndicate made a loss of 53.9m, compared with a loss of 27.4m in 2019. 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. 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 offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses. 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. Welcome to Lloyds the worlds insurance marketplace. Lloyds Insurance Company (China) Limited, 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), General Liability/Products Liability/Employers Liability, General Liability / Products Liability / Employers Liability. Generic filters. Argo Managing Agency Ltd Managing Agent Name: Argo Managing Agency Limited Subject: Auction Four Disclosure Syndicate Affected: 1200 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. 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. 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.. 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. 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. [emailprotected], Phone: 441-296-5858Fax: 978-387-4150 Cancel. Andrew Hersom Argo to receive total cash proceeds of approximately $125 million. Loss Run. 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. Syndicate 1200 principally writes accident and health, motor, third-party liability, marine, fire and peril insurance. 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.. Bringing together experts who share intelligence, judgement, capital and risk to create a braver world. Transaction expected to close in first half of 2023. More information on Argo and its subsidiaries is available at www.argogroup.com. Headquartered in Bermuda, Argo Group has offices in eleven countries worldwide, writing a diverse, truly global book of business. Head of Investor Relations 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. Andrew Hersom Transaction will simplify corporate structure and drive greater efficiencies with increased focus on core U.S. businesses. Gross written premiums reduced from 561.4m in 2019 to 518.4m in 2020. 860-970-5845 To ensure the most secure and best overall experience on our website, we recommend the latest versions of. All content copyright Steve Evans Ltd. 2021 All rights reserved. Additionally please clear both your browser's cache and cookies -. If you have any questions regarding the Rich-Text-content, you should contact the relevant managing agent. 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/. Meet contractors' needs and help project owners succeed with help from a specialized underwriting team. 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. Subject: Argo agrees to sell Lloyd's syndicate 1200 to Westfield Add a personalized message to your email. Argos insurance subsidiaries are rated A- by A.M. Best. Contents Section 1: Syndicate 1200 Report and Syndicate Annual Accounts . Agency contact name: Mike Jackson/Darren Argyle. This field is for validation purposes and should be left unchanged. 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.. ArgoGlobal Underwriting Division 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. 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. Such statements are subject to certain risks and uncertainties that could cause actual events or results to differ materially. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. The deal was first announced in September of last year for a disclosed purchase price of approximately $125 million. 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 undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. 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. Reach the largest reinsurance audience. 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(NYSE: ARGO) (Argo) today announced the completion of its previously announced sale of Argo Underwriting Agency Limited and its Lloyds Syndicate 1200 to Westfield. 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. 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. 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. With GWP of 518mn ($716mn) in 2020, the business is sizeable and last made an underwriting profit in 2015. 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.. David Snowden 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. 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 More information on Argo and its subsidiaries is available at www.argogroup.com. Argo Group International Holdings, Ltd. (NYSE: ARGO) is a U.S. focused underwriter of specialty insurance products in the property and casualty market. He is encouraging Insurgence USA protesters to purchase . Copyright 2023 royalgazette.com. Transaction will simplify corporate structure and drive greater efficiencies with increased focus on core U.S. businesses. Theoretical Chemistry Research Group of Prof. Ryan P. Steele.