Latest news with #ArgoGroup
Business Wire
24-04-2025
- Business
- Business Wire
AM Best Revises Outlooks to Stable for Argo Group International Holdings, Inc. and Its Subsidiaries
BUSINESS WIRE)-- AM Best has revised outlooks to stable from positive and affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of 'bbb-' (Good) and the associated Long-Term Issue Credit Ratings (Long-Term IR) of Argo Group International Holdings, Inc. (Argo Group) (headquartered in New York, NY). In addition, AM Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term ICRs of 'a-' (Excellent) of its operating subsidiaries. Concurrently, AM Best has revised the outlooks to stable from positive and affirmed the Long-Term ICR of 'bbb-' (Good) and the Long-Term IRs of Argo Group US, Inc. (headquartered in New York, NY). (See below for a detailed listing of the companies and Credit Ratings [ratings].) The ratings reflect Argo Group's balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM). The revision of the outlooks to stable from positive is due to continued earnings weakness and material deviation of results from management's projections. Although Argo Group's management team is taking corrective actions to improve the operating performance of the organization, its run-off lines of business continued to generate sizeable losses, which have offset more profitable results of ongoing lines of business. AM Best expects that improvement measures implemented by Argo Group's management will gradually lead to stronger underwriting earnings; however, it is unclear how long the adverse impact of the run-off operations will continue to pressure the overall results. The balance sheet strength is supported by the organization's very strong level of risk-adjusted capitalization as measured by Best Capital Adequacy Ratio (BCAR). In 2024, Argo Group benefited from a $500 million capital contribution from its parent, Brookfield Wealth Solutions Ltd. Higher capital has resulted in improved BCAR scores and has provided sufficient support for the growth of ongoing operations and the reserve-strengthening needs of the run-off blocks. The FSR of A- (Excellent) and the Long-Term ICRs of 'a-' (Excellent) have been affirmed with the outlooks revised to stable from positive for Argo Group International Holdings, Inc.'s operating subsidiaries: Argo Re Ltd. Argonaut Great Central Insurance Company Argonaut Insurance Company Argonaut-Midwest Insurance Company ARIS Title Insurance Corporation Colony Insurance Company Peleus Insurance Company Colony Specialty Insurance Company Rockwood Casualty Insurance Company Somerset Casualty Insurance Company The following indicative Long-Term IRs available under various shelf registrations have been affirmed with outlooks revised to stable from positive: Argo Group International Holdings, Inc. — -- 'bbb-' (Good) on senior unsecured debt -- 'bb+' (Fair) on subordinated debt -- 'bb' (Fair) on preferred stock Argo Group US, Inc. — -- 'bbb-' (Good) on senior unsecured debt -- 'bb+' (Fair) on subordinated debt Argo Group Statutory Trust — -- 'bb' (Fair) on preferred stock The following Long-Term IR has been affirmed with an outlook revised to stable from positive: Argo Group US, Inc. — -- 'bbb-' (Good) on $143.75 million 6.5% senior unsecured notes, due 2042 This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
Yahoo
24-04-2025
- Business
- Yahoo
AM Best Revises Outlooks to Stable for Argo Group International Holdings, Inc. and Its Subsidiaries
OLDWICK, N.J., April 24, 2025--(BUSINESS WIRE)--AM Best has revised outlooks to stable from positive and affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of "bbb-" (Good) and the associated Long-Term Issue Credit Ratings (Long-Term IR) of Argo Group International Holdings, Inc. (Argo Group) (headquartered in New York, NY). In addition, AM Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term ICRs of "a-" (Excellent) of its operating subsidiaries. Concurrently, AM Best has revised the outlooks to stable from positive and affirmed the Long-Term ICR of "bbb-" (Good) and the Long-Term IRs of Argo Group US, Inc. (headquartered in New York, NY). (See below for a detailed listing of the companies and Credit Ratings [ratings].) The ratings reflect Argo Group's balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM). The revision of the outlooks to stable from positive is due to continued earnings weakness and material deviation of results from management's projections. Although Argo Group's management team is taking corrective actions to improve the operating performance of the organization, its run-off lines of business continued to generate sizeable losses, which have offset more profitable results of ongoing lines of business. AM Best expects that improvement measures implemented by Argo Group's management will gradually lead to stronger underwriting earnings; however, it is unclear how long the adverse impact of the run-off operations will continue to pressure the overall results. The balance sheet strength is supported by the organization's very strong level of risk-adjusted capitalization as measured by Best Capital Adequacy Ratio (BCAR). In 2024, Argo Group benefited from a $500 million capital contribution from its parent, Brookfield Wealth Solutions Ltd. Higher capital has resulted in improved BCAR scores and has provided sufficient support for the growth of ongoing operations and the reserve-strengthening needs of the run-off blocks. The FSR of A- (Excellent) and the Long-Term ICRs of "a-" (Excellent) have been affirmed with the outlooks revised to stable from positive for Argo Group International Holdings, Inc.'s operating subsidiaries: Argo Re Ltd. Argonaut Great Central Insurance Company Argonaut Insurance Company Argonaut-Midwest Insurance Company ARIS Title Insurance Corporation Colony Insurance Company Peleus Insurance Company Colony Specialty Insurance Company Rockwood Casualty Insurance Company Somerset Casualty Insurance Company The following indicative Long-Term IRs available under various shelf registrations have been affirmed with outlooks revised to stable from positive: Argo Group International Holdings, Inc.—-- "bbb-" (Good) on senior unsecured debt-- "bb+" (Fair) on subordinated debt-- "bb" (Fair) on preferred stock Argo Group US, Inc.—-- "bbb-" (Good) on senior unsecured debt-- "bb+" (Fair) on subordinated debt Argo Group Statutory Trust—-- "bb" (Fair) on preferred stock The following Long-Term IR has been affirmed with an outlook revised to stable from positive: Argo Group US, Inc. —-- "bbb-" (Good) on $143.75 million 6.5% senior unsecured notes, due 2042 This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Christopher Lewis Senior Financial Analyst +1 908 882 2014 Doniella Pliss Director +1 908 882 2245 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Yahoo
25-03-2025
- Business
- Yahoo
Argo Group appoints new CEO and CFO
Specialty insurance underwriter Argo Group International has named Chris Donahue as its new CEO, succeeding Jessica Buss, who has led the company since November 2023. Donahue, who moved to Argo as its chief financial officer (CFO) in November 2023, will now be replaced in this role by David Chan. Chan has been with Argo since 2022, holding the role of chief accounting officer. Earlier, he worked in senior positions at AmTrust Financial Services, Moody's Investor Services and PwC. Argo board of directors chair Jonathan Bayer said: 'Chris has been integral to the transformation of Argo into a US-focused specialty property & casualty company. Argo has a focused strategy for its products and partners and is well positioned for future growth as Chris and the executive team continue to lead Argo. 'We greatly appreciate Jessica's leadership through Argo's transformation and her many valuable contributions. We wish her all the best in her next pursuit.' In 2023, Argo Group was taken over by Brookfield Reinsurance in a deal valued at approximately $1.1bn. Under the agreement, Brookfield bought all issued and outstanding Argo common shares at $30 apiece. Upon the acquisition, Argo's common shares have ceased trading on the New York Stock Exchange. The company, now operating as a Brookfield subsidiary, is headquartered in Hamilton, Bermuda. It specialises in underwriting insurance solutions for the property and casualty industry, offering products and services that meet the specific coverage and claims-handling requirements of businesses. "Argo Group appoints new CEO and CFO " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
