Argo Group: Everything you need to know
Gross written premium (H1 2019): US$1.534 billion
Global locations: 27
Argo Group International Holdings is an international underwriter of specialty insurance products as well as reinsurance. In the P&C insurance market, Argo’s products are distributed through a network of appointed and non-appointed agencies and brokers. On the reinsurance side, Ariel Re, which is a member of Argo Group and was acquired by the company in 2016, underwrites a global portfolio of reinsurance products via the Bermuda-based Class reinsurance company and existing Lloyd’s syndicates, in addition to other capital bases.
Argo Group in the news
January 2019: Argo Group names interim leader for Colony Specialty business?
January 2019: Argo Group announces sixth renewal for sidecar
January 2019: Argo Group releases preliminary loss estimates for Q4 2018
March 2019: Argo Group joins insurance network GBN Worldwide
April 2019: Argo Group enjoys over 270% surge in one key metric
May 2019: Argo-Voce proxy battle takes a new turn
July 2019: Argo Group discloses second quarter profit warning
August 2019: Argo Group’s net income slips in Q2
August 2019: Argo Surety reveals expansion
August 2019: Argo Group to introduce changes to executive compensation
November 2019: Argo Group CEO steps down immediately
December 2019: Argo Group welcomes new EVP of US operations
January 2020: Argo reveals cooperation agreement with Voce Capital Management
Key people as of 2020
Kevin J. Rehnberg – Interim chief executive officer
Rehnberg previously served as executive vice president for specialty lines at OneBeacon before joining Argo Group. At OneBeacon, the leader oversaw specialty underwriting operations, and was responsible for acquiring and building out new lines of specialty business. Rehnberg has also held positions at The St. Paul Travelers Companies, Liberty International, and Chubb Corporation.
Gary V. Woods – Chairman of the board for Argo Group International Holdings
Woods joined Argo’s board in 2000 as a director and has served in his current capacity as chairman since 2001. He has been president of McCombs Enterprises since 1979, where he funded and promoted many growth companies across a variety of industries, both domestically and internationally, and has also served on the boards of directors of the Southwest Research Institute, the Cancer Therapy and Research Center Foundation, and the South Texas Blood and Tissue Center.
Argo Group is invested in the next generations of leaders, both inside and outside the insurance industry. In August 2019, the company announced that it was awarding a US$10,000 scholarship to Mi Pham, a rising senior at St. John’s University’s School of Risk Management, Insurance and Actuarial Science in New York City.
“We’re honoured to present the ‘Sea Change’ Scholarship for Women in Insurance to Mi as she finishes her education and embarks on her career,” said Argo Group’s Gary Grose. “At Argo, we are committed to encouraging diversity in the workplace and opening doors for women looking to pursue insurance.”
Argo Group has also sponsored the Formula E DRAGON race team for the past few years, with the aim of investing in robotics and STEM education for high schoolers.
“At Argo Group, we’re very keen to invest in future generations. The insurance industry has all these retirements coming up, so we really need to start appealing to the next generation,” said Grose. “We think engineering and sciences appeal to the next generation – and they’re two business careers that heavily influence the decisions we make in the insurance industry.”
More broadly, Argo Group established The Argo Foundation in 2009 in Bermuda (the country where the company is based), the mission of which is to support the development and well-being of people under 18 years old. The foundation invests in programs and services that help to enrich the lives of young people in Bermuda.