Argo Group
{{Short description|Bermuda-based insurance underwriter}}
{{Infobox company
| name = Argo Group International Holdings, Inc
| logo = New Argo Logo.png
| type = Public
| traded_as = {{NYSE was|ARGO}} (2018-23)
| industry = Insurance
| foundation = {{start date and age|1948|08}}
| location = {{nowrap|501 7th Avenue, 7th Floor}}
{{nowrap|New York, NY 10018}}
| key_people = {{nowrap|Jessica (Snyder) Buss}}
{{nowrap|{{small|(President & CEO)}}}}
| revenue = {{nowrap|{{decrease}} US$ 1.89 billion {{small|(2020)}}}}
| operating_income = {{nowrap|{{increase}} US$ 22.3 million {{small|(2020)}}}}
| net_income = {{nowrap|{{decrease}} US$ 71.9 million {{small|(2020)}}}}
| assets = {{nowrap|{{decrease}} US$ 10.47 billion {{small|(2020)}}}}
| equity = {{nowrap|{{increase}} US$ 1.86 billion {{small|(2020)}}}}
| num_employees = {{nowrap|1,515 {{small|(2020)}}}}
| owner = {{ubl||Brookfield Reinsurance {{smaller|(2023–present)}}}}
| homepage = {{url|www.argolimited.com|www.argogroup.com}}
}}
Argo Group International Holdings, Inc, or Argo Group ({{NYSE was|ARGO/PA}}; {{NYSE was|ARGD}}), is a U.S.-based underwriter of specialty insurance products in the property and casualty market.{{cite web|title=AGII Company Profile|url=https://www.reuters.com/finance/stocks/companyProfile?symbol=AGII.O|archive-url=https://web.archive.org/web/20150402225135/http://www.reuters.com/finance/stocks/companyProfile?symbol=AGII.O|url-status=dead|archive-date=2015-04-02}}
It and its insurance subsidiaries are rated "A−" by Standard & Poor's. Argo's insurance subsidiaries are rated "A−" by AM Best. In 2017, the San Antonio Express-News wrote that "the company has made more than $1 billion in profit over the last decade as a mid-sized player in a niche field insuring complex or hard-to-price risks other insurers won’t touch."{{cite web|url=https://www.expressnews.com/business/local/article/Argo-Group-made-more-than-1B-insuring-weird-11158897.php|title=Who insured Princess Leia? Argo Group made more than $1B covering 'weird stuff'|author=Patrick Danner|work=San Antonio Express-News|access-date=May 18, 2018|date=May 19, 2017}} It was listed on the New York Stock Exchange in May 2018.{{cite web|url=https://therivardreport.com/global-insurer-argo-group-switches-exchange-listing-to-nyse/|title=Global Insurer Argo Group Switches Exchange Listing to NYSE|publisher=Rivard Report|date=May 8, 2018|access-date=May 18, 2018}}
On November 16, 2023, the firm was acquired by Brookfield Reinsurance for approximately $1.1 billion.{{Cite web|url=https://www.businesswire.com/news/home/20231115914463/en/Brookfield-Reinsurance-Completes-1.1-Billion-Acquisition-of-Argo-Group|title= Brookfield Reinsurance Completes $1.1 Billion Acquisition of Argo Group |work=Business Wire|access-date=2023-12-11|language=en-US}}
History
=Origin=
Argonaut Insurance was founded in California in 1948 as the Argonaut Insurance Exchange. It focused on underwriting workers compensation for the California construction industry.{{Cite web|url=https://www.insuranceworks.com/en/company/3679-argonaut-insurance.html|title=Argonaut Insurance Insurance Jobs on InsuranceWorks.com|website=Insurance Works}} It was acquired in 1969 by Teledyne Technologies,{{cite web|title=Argo Group Historical Timeline|url=https://www.argolimited.com/media/03C10U7X865H/docs/en_US/fdff0791a95c7d8baf4d91eeb631f4c445961b44/83V2576502R1/Argo_Group_Timeline.pdf|access-date=2014-03-11|archive-url=https://web.archive.org/web/20140311071317/https://www.argolimited.com/media/03C10U7X865H/docs/en_US/fdff0791a95c7d8baf4d91eeb631f4c445961b44/83V2576502R1/Argo_Group_Timeline.pdf|archive-date=2014-03-11|url-status=dead}} then expanded into additional product lines and acquired Great Central Insurance.
= 1986–2000 =
= 2000–present =
In January 2000, Mark E. Watson III, a board member since 1999, became President and CEO.{{cite web|title=Securing the Future |url=http://www.leadersmag.com/issues/2013.2_Apr/Making%20a%20Difference/LEADERS-Mark-Watson-Argo-Group-International-Holdings.html |url-status=dead |archive-url=https://web.archive.org/web/20140311065328/http://www.leadersmag.com/issues/2013.2_Apr/Making%20a%20Difference/LEADERS-Mark-Watson-Argo-Group-International-Holdings.html |archive-date=2014-03-11 }} The company moved its corporate office to San Antonio, Texas, in 2001.
The firm acquired Front Royal, Inc.{{Cite web|url=https://pages.cs.wisc.edu/~anhai/wisc-si-archive/data/company_profiles/yahoo/instances/company-index/Financial/Insurance_Prop._Casualty_/instances/http:%5e%5ebiz.yahoo.com%5ep%5ea%5eagii.html|title=Yahoo / Market Guide - Argonaut Group, Inc.|website=pages.cs.wisc.edu}} (along with its subsidiaries Colony and Rockwood), an insurance holding company headquartered in Morrisville, North Carolina, for $165 million in cash.{{cite web |date=August 27, 2001 |title=Argonaut Group Inc. Acquires Holding Company |url=http://www.insurancejournal.com/news/national/2001/08/27/14237.htm |website=Insurance Journal}} The acquisition added products and underwriting capabilities in areas complementary to Argonaut’s previous products. Then they entered the public entity market by founding Trident Insurance.{{cite web|title=Bloomberg: Company Overview of Trident Insurance Services, LLC|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=7775038|archive-url=https://archive.today/20140311021530/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=7775038|url-status=dead|archive-date=March 11, 2014}} In 2002, they acquired Fulcrum,{{Cite web|url=https://www.propertycasualty360.com/2002/01/28/argonaut-buys-fulcrum-renewals/|title=Argonaut Buys Fulcrum Renewals|website=propertycasualty360.com}} an excess and surplus lines underwriter{{cite news|title=Argonaut Group buys French firm's US underwriting business|url=http://www.bizjournals.com/sanantonio/stories/2002/04/15/daily2.html}} from Scor.{{cite web|title=Argonaut Obtains Renewal Rights to Fulcrum E&S Lines from SCOR|url=http://www.insurancejournal.com/news/west/2002/04/17/17498.htm|publisher=Insurance Journal}} In 2003 they acquired Grocers from Royal & Sun Alliance USA,{{Cite web|url=http://www.businesswire.com/news/home/20060928005354/en/Arrowpoint-Capital-Acquire-Businesses-Royal-Sun-Alliance#.Ux4dauddWVs|title=Arrowpoint Capital to Acquire US Businesses of Royal & Sun Alliance Insurance Group plc through Management Led Buyout.}} expanding their Great Central platform. In 2005 they acquired the renewal rights to business formerly written by Interstate Insurance Group, subsidiaries of Fireman’s Fund.{{cite web|title=Argonaut Group Acquires Renewal Rights of the Binding Authority business segment of Fireman's Fund Binding Authority Business|url=http://www.businesswire.com/news/home/20050401005133/en/Argonaut-Group-Acquires-Renewal-Rights-Firemans-Fund#.Ux4dvuddWVs|publisher=Business Wire}} In May 2005 they created Argonaut Specialty to underwrite accounts larger than what Colony traditionally wrote. In 2007 they merged with Bermuda-based PXRE, entering the reinsurance market.{{cite web|title=Argonaut Group, PXRE Group plan to merge|url=https://www.reuters.com/article/idUSWEN540920070314|publisher=Reuters}}
The new company renamed as Argo Group International Holdings, Ltd., and moved its public company home office to Bermuda, which offered a more favorable tax structure than the United States.{{cite web|title=Insurer Argonaut, Reinsurer PXRE to Merge, Forming Argo Group|url=http://www.insurancejournal.com/news/national/2007/03/15/77765.htm|publisher=Insurance Journal}}
In 2008, Trident Insurance Services acquired Massamont Insurance Agency, which specialized in insurance programs for public entities,{{cite web|title=Argo Group's Trident Buys New England's Massamont Agency|url=http://www.insurancejournal.com/news/national/2008/03/04/87883.htm|publisher=Insurance Journal}} expanding Argo's public entity footprint into New England with offices in Greenfield and Boston, Mass. In April 2008, Argonaut Group re-branded as Argo Group. U.S. operations were packaged as Argo Group US. Peleus Re was renamed Argo Re. In Europe, it became known as Argo Solutions. In May, Argo Group acquired Heritage and its Lloyd’s syndicate for $272 million in order to create a broader underwriting platform with extended geographic capability.{{cite web |last=Sclafane |first=Susanne |date=April 2, 2008 |title=Argo Buying Lloyd's Heritage For $272 Million |url=http://www.propertycasualty360.com/2008/04/02/argo-buying-lloyd-s-heritage-for--272-million |website=Property Casualty 360 |publisher=}}
Argo Group also entered the surety insurance market in 2008 by launching Argo Surety as part of the commercial specialty unit for projects such as construction of schools, hospitals, roads, and other types of infrastructure.{{Cite news|last=Banks|first=Richard|date=May 7, 2008|title=Argo unveils plan to launch US surety unit on back of $36.9m Q1 earnings|work=Lloyd's List|url=https://lloydslist.maritimeintelligence.informa.com/|access-date=June 14, 2021}}
In September 2008, they acquired Insight Insurance, a specialist in professional liability insurance for accounting professionals, architects, engineers and insurance agents.{{cite web|title=Bermuda's Argo Buys Illinois Based Professional Liability Manager Insight|url=http://www.insurancejournal.com/news/national/2008/09/30/94170.htm|publisher=Insurance Journal}} In October, they established Argo Pro, a consolidation of their professional liability operations.
In 2010, the company paid out $25 million in claims to everyone present at the Deepwater Horizon oil spill in the Gulf of Mexico. In 2012, Argo Seguros, which specializes in property and casualty underwriting, opened in São Paulo, Brazil. Products include domestic and international transport insurance, general liability policies and liability coverage for managers and professionals with a focus on SMEs.{{Cite web|title=BNamericas - Argo unit to begin operations in January|url=https://www.bnamericas.com/en/news/argo-unit-to-begin-operations-in-january|access-date=2021-06-14|website=BNamericas.com|language=en}}
Argo also insures concerts and other major events, including event cancelation coverage for the Irish rock band U2. In 2017, the company paid a claim to Disney, who had bought insurance against the possibility that actress Carrie Fisher would die before filming Star Wars: The Rise of Skywalker.
In 2018, Argo moved the listing of its shares from the NASDAQ to the New York Stock Exchange, and its ticker symbol changed from AGII to ARGO. On May 7, 2018, CEO Mark Watson III rang the opening bell of the NYSE.
In 2019, the company announced the retirement CEO Mark Watson III from Argo Group. Following the announcement, Argo Group’s board of directors named CFO Kevin Rehnberg interim CEO.{{Cite web|url=https://www.insurancebusinessmag.com/us/news/breaking-news/argo-group-ceo-steps-down-immediately-190677.aspx|title=Argo Group CEO steps down immediately|last=Adriano|first=Lyle|date=November 6, 2019|website=Insurance Business|language=en|access-date=2019-11-07}}
In February 2020, Argo Group named Kevin J. Rehnberg as chief executive officer.{{Cite web|title=Thomas A. Bradley to Serve as Argo Group Chairman; Kevin J. Rehnberg Named CEO and Board Nominee|url=https://www.nasdaq.com/press-release/thomas-a.-bradley-to-serve-as-argo-group-chairman-kevin-j.-rehnberg-named-ceo-and|access-date=2021-06-14|website=www.nasdaq.com|language=en}}
In June 2022, Argo Group appointed Thomas A. Bradley, who had served as Argo’s chairman since 2020, and who had been serving as interim chief executive officer (“CEO”) since March 2022, as CEO, effective immediately.{{Cite web |title=Argo Group Appoints Bradley as CEO as Rehnberg Departs |url=https://www.carriermanagement.com/news/2022/06/24/237576.htm |access-date=2024-04-18 |website=Carrier Management |language=en}}
In August 2023, following the completion of Brookfield Re's acquisition of Argo Group, Jessica (Snyder) Buss was named as CEO, replacing Thomas Bradley.{{Cite web |last=None |date=2023-11-16 |title=Argo names Jessica Snyder CEO as $1.1bn Brookfield Re takeover deal closes |url=https://www.theinsurer.com/news/argo-names-jessica-snyder-ceo-as-brookfield-re-takeover-deal-closes/ |access-date=2024-04-18 |website=The Insurer |language=en-US}}
Business
Argo Group is a U.S.-focused underwriter of specialty insurance products in the property and casualty market. The company offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses.{{Cite web|title=ARGO Stock Price {{!}} Argo Group International Holdings Ltd. Stock Quote (U.S.: NYSE)|url=https://www.marketwatch.com/investing/stock/argo|access-date=2021-06-14|website=MarketWatch|language=en}}
= U.S. Coverage Highlights =
Inside the U.S., Argo delivers custom insurance products and services through a broad distribution platform.{{Cite web|title=Argo Group International Holdin (ARGO) Company Profile & Facts - Yahoo Finance|url=https://finance.yahoo.com/quote/ARGO/profile/|access-date=2021-06-14|website=finance.yahoo.com|language=en-US}}
= International Coverage Highlights =
Through its Lloyd’s Syndicate 1200 platform, ArgoGlobal is focused on U.S. non-admitted and global specialty risks and reinsurance to close (RITC) transactions. Brokers may also access ArgoGlobal underwriters at Lloyd’s offices in Brazil and Dubai.
Argo Insurance’s excess casualty, property and professional lines provide access to non-Lloyd’s intermediaries outside the U.S.{{Cite web|title=ARGO - Argo Group International Holdings Ltd Company Profile - CNNMoney.com|url=https://money.cnn.com/quote/profile/profile.html?symb=ARGO|access-date=2021-06-14|website=money.cnn.com}}
In February 2023, Argo Group completed the sale of Argo Underwriting Agency Limited and its Lloyd’s Syndicate 1200 (ArgoGlobal) to Westfield for total cash proceeds of approximately $125 million.{{Cite web |last=admin |date=2023-02-03 |title=Westfield Completes Acquisition of Lloyd's of London Syndicate 1200 |url=https://www.insurancejournal.com/news/international/2023/02/03/705916.htm |access-date=2024-04-18 |website=Insurance Journal |language=en-US}}
Philanthropy
Argo Group's corporate giving contributions are primarily guided by employees and occasionally companywide at the group level.{{Cite web|last=SEC|title=Argo Group International Holdings, Ltd. 2021 Definitive Proxy Statement DEF 14A|url=https://sec.report/Document/0001193125-21-094464/|access-date=2021-06-14|website=SEC.report|language=en}} The company works with organizations inside and outside the insurance industry on critical initiatives such as diversity and inclusion, scholarships,{{Cite web|title=Spencer and Argo Group Partner to Create Inaugural Diversity Scholarship|url=https://www.spencered.org/news-blog/spencer-and-argo-group-partner-to-create-inaugural-diversity-scholarship|access-date=2021-06-14|website=Spencer Educational Foundation|language=en-US}} the environment and sustainability,{{Cite web|title=Argo Group: Lessons in effective corporate social responsibility|url=https://www.insuranceerm.com/analysis/argo-group-lessons-in-effective-corporate-social-responsibility.html|access-date=2021-06-14|website=www.insuranceerm.com|language=en}} the Insurance Careers movement{{Cite web|title=Insurance Careers Month|url=https://insurancecareerstrifecta.org/|access-date=2021-06-14|website=Insurance Careers Trifecta|language=en-US}} and CAT/disaster relief.{{Cite web|last=emw50@cam.ac.uk|title=The ClimateWise Insurance Advisory Council — Cambridge Institute for Sustainability Leadership|url=https://www.cisl.cam.ac.uk/business-action/sustainable-finance/climatewise/the-climatewise-insurance-advisory-council|access-date=2021-06-14|website=www.cisl.cam.ac.uk|language=en}}
= Team Argo =
A volunteer program allows Argo employees to donate their time to non-profit organizations and participate each year in local fundraising events. Additionally, Argo's Volunteer Time Off policy provides each employee with one day (eight hours) of paid time off each year to volunteer.{{Cite web|title=Argo Group Is Dedicated To The Communities We Serve|url=https://www.argolimited.com/about/community/|access-date=2021-06-14|website=Argo Group|language=en-US}}
= Community Relations Committees =
Argo's Community Relations Committees are employee-led groups that have a voice in what Argo supports, while promoting giving back across the enterprise. Committees are established in Bermuda; New York; Chicago; Richmond, Virginia; and San Antonio.{{Cite web|last=SA2020|title=How Argo Group Drives Progress in San Antonio {{!}} SA2020|url=https://sa2020.org/stories/how-argo-group-drives-progress-in-san-antonio|access-date=2021-06-14|website=sa2020.org|language=en-US}}
Argo Group Gold Cup
File:Argo Group Gold Cup.jpgArgo Group was a title sponsor (from 2008 to 2020) for the King Edward VII Gold Cup, an Alpari Group World Match Racing Tour held in Hamilton Harbour, Bermuda every October.{{cite web|title=Argo Group to Sponsor 2008 Bermuda Gold Cup |url=http://www.wmrt.com/mobile-news/features/11699-argo-group-to-sponsor-2008-bermuda-gold-cup.html |archive-url=https://web.archive.org/web/20140311065450/http://www.wmrt.com/mobile-news/features/11699-argo-group-to-sponsor-2008-bermuda-gold-cup.html |url-status=dead |archive-date=2014-03-11 |publisher=World Match Racing Tour }} The race is hosted by the Royal Bermuda Yacht Club racing to earn points towards the ISAF Match Racing World Championship.{{cite web|title=Argo Renews|url=http://www.thedailysail.com/inshore/12/61431/0/argo-group-extends-bermuda-gold-cup-sponsorship|publisher=The Daily Sail}}
References
{{Reflist|2}}
External links
- [https://www.nyse.com/events/3414708300/Argo-Group-International-Holdings-Ltd-NYSE-ARGO-Rings-the-NYSE-Opening-Bell ARGO Stock Quote: NYSE]
Category:2023 mergers and acquisitions
Category:Companies formerly listed on the Nasdaq
Category:Companies formerly listed on the New York Stock Exchange