Argo Group: Everything you need to know
|110 Pitts Bay Road, Pembroke, Hamilton 08, Bermuda|
|Gross written premiums||US$2.85 billion (2022)|
|Underwriting expertise||Property & casualty insurance|
Thomas A. Bradley (CEO), Scott Kirk (chief financial officer), Susan Comparato (chief administrative officer), Allison Kiene (general counsel and secretary), Ronald Swanstrom (chief reserving actuary), Mark Wade (chief claims officer), Mark H. Rose (chief investment officer), Michael Murphy (chief internal auditor), Marcus Foley (chief risk officer), David Chan (chief accounting officer)
About Argo Group
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. In 2020, Argo Group reached an agreement to sell Ariel Re to Pelican Ventures and J.C. Flowers & Co., signaling its exit from the reinsurance business to “focus on specialty insurance lines of business.”
In February 2023, it was announced that Brookfield Reinsurance was acquiring Argo Group in an all-cash transaction worth about US$1.1 billion (£911.4 million). The two firms also revealed that have entered into a definitive merger agreement, which was expected to close in the second half of 2023.
Argo Group in the news
Thomas A. Bradley – chief executive officer
In June 2022 Thomas A. Bradley became Argo Group’s permanent chief executive after serving as interim CEO since March of that year. A Zurich Insurance Group alumnus, Bradley’s credentials include time spent at Fair Isaac Corporation, the St. Paul Companies, and Allied World Assurance Company Holdings AG. Rehnberg, meanwhile, has been at the helm of Argo since February 2020. He previously served in an interim capacity from November 2019, following the immediate departure of then CEO Mark E. Watson.
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.
Departure follows merger deal
The two parties have announced the terms of their merger