Sources said financial adviser Goldman Sachs has approached potential bidders around the asset and invited them to engage ahead of a sales process. Andrew Hersom Argo in advanced talks to sell Lloyd's business to Westfield Specialty Argo Group International Holdings, Ltd. (NYSE: ARGO) is a U.S. focused underwriter of specialty insurance products in the property and casualty market. In 2020, Argo also signed a 356mn ($410mn) RITC deal with Riverstone for Syndicate 1200, which accounted for the 2017 and prior years of account. Contents Section 1: Syndicate 1200 Report and Syndicate Annual Accounts . Argo Group selling Lloyd's of London Syndicate 1200 to Westfield for Argos insurance subsidiaries are rated A- by A.M. Best. Please Note: Only individuals with an active subscription will be able to access the full article. . Syndicate 1200 sale reassures Lloyd's, serves Westfield and Argo Syndicate Results 2020 #34 Syndicate 1200 Argo - Insurance Marine News You must be logged in to post or view comments with Disqus. PDF Important information about Syndicate Reports and Accounts - Lloyd's Explore Argo Lines of Business. DISCLAIMER: Lloyd's is not responsible for the Rich-Text-content of any auction disclosures, and acts merely as publisher of information provided by managing agents. Continuity Opinion: Subscribe to view Outlook: Subscribe to view. Find Attachment-based Treatment Centers in Utah, get help from Utah Attachment-based Rehab for Attachment-based Treatment in Utah. Headquartered in Bermuda, Argo Group has offices in eleven countries worldwide, writing a diverse, truly global book of business. ArgoGlobal Underwriting Division David Snowden 860-970-5845 Gross written premiums reduced from 561.4m in 2019 to 518.4m in 2020. Goldman Sachs & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Argo. [emailprotected], Phone: 441-296-5858Fax: Senior Vice President, Group Communications Send. 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. Westfield completes acquisition of Lloyd's Syndicate 1200 from Argo "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. London, UK, 4 October 2022 - Ariel Re, a global reinsurance business with offices in Bermuda, London and Hong Kong, has obtained approval to launch a Managing Agent at Lloyd's of London. Argo got relatively far down the road with a potential sale of Syndicate 1200 to a private equity bid spearheaded by former Ascot and Neon CEO Martin Reith last spring, but at around 0.8x book,. 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. [emailprotected], Phone: 441-296-5858Fax: Argo and its insurance subsidiaries are rated A- by Standard and Poors. LLoyd's Syndicate 6117. Argo undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. Westfield Specialty notes that the transaction will accelerate its entry into international markets, putting its overall portfolio in excess of $1 billion in premium. AVP, Investor Relations and Corporate Finance 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.. 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. 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. The deal was first announced in September of last year for a disclosed purchase price of approximately $125 million. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. Top Global Insurance & Reinsurance Brokers, The deal was first announced in September of last year, Global reinsurer capital increased to $605bn in Q1, reports Aon, Suncorp joins the Australian Cyclone Reinsurance Pool. Home; Group; Research; Publications; Tools; Teaching; Ryan P. Steele Dept. Argo Group has agreed to sell its underwriting agency and Lloyd's Syndicate 1200 to Westfield for $125mn, or 1.16x tangible book value as of Q1 2022. All content copyright Steve Evans Ltd. 2021 All rights reserved. Senior Vice President, Group Communications Argo agrees to sell Lloyd's syndicate 1200 to Westfield 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. Argo and its insurance subsidiaries are rated A- by Standard and Poors. Cancel. 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. All other readers will be directed to the abstract and would need to subscribe. 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 to test market appetite for Lloyd's businesses with Syndicate 1200 You must be Registered or Signed in to post comment or to vote. Stay on top of all the latest news impacting the insurance marketplace and understand the innovations, trends and insights on the changing risk landscape. Argo Group Announces Sale of Lloyd's Syndicate 1200 to Westfield You should not place undue reliance on any such statements. Agent: Ariel Re Managing Agency Limited Syndicate Research . andrew.hersom@argogroupus.com, Gregory Charpentier Each of the proposed transactions referenced in this press release is subject to risks and uncertainties, including, but not limited to, that the proposed transactions may be unable to be completed because of the failure to obtain required regulatory approvals or satisfy (or obtain waivers of) the closing conditions and uncertainty as to the timing of completion of the proposed transactions. 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. Casualty insurance for the manufacturing, services, and materials production sectors. Head of Investor Relations Kuhn continued, This transaction significantly accelerates our strategy to become a leading specialty carrier. AVP, Investor Relations and Corporate Finance February 5, 2023 | 0 Comments Argo Group International Holdings, Ltd. announced the completion of its previously announced sale of Argo Underwriting Agency Limited and its Lloyd's. Attachment-based Treatment Centers in Utah - Psychology Today 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. Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses. Each of the proposed transactions referenced in this press release is subject to risks and uncertainties, including, but not limited to, that the proposed transactions may be unable to be completed because of the failure to obtain required regulatory approvals or satisfy (or obtain waivers of) the closing conditions and uncertainty as to the timing of completion of the proposed transactions. Such statements are subject to certain risks and uncertainties that could cause actual events or results to differ materially. Andrew Hersom Argo Group Announces Closing of Lloyd's Syndicate 1200 Transaction Brigham Young University. Center for Molecular Genealogy Westfield Specialty, a US property and casualty insurer, has announced the completion of its acquisition of Lloyds of London Syndicate 1200 from Argo Group International Holdings. February 02, 2023 04:18 PM Eastern Standard Time WESTFIELD CENTER, Ohio-- ( BUSINESS WIRE )-- Westfield today announces the completion of its acquisition of Lloyd's of London Syndicate 1200. With GWP of 518mn ($716mn) in 2020, the business is sizeable and last made an underwriting profit in 2015. HAMILTON, Bermuda--(BUSINESS WIRE)--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 Lloyds Syndicate 1200 to Westfield for total cash proceeds of approximately $125 million or 1.16x price to tangible book value or 0.81x price to book value as of first quarter 2022, subject to closing-related adjustments. 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. The announcement comes after this publication revealed last week that Argo and Westfield were in advanced talks over a deal. Thomas A. Bradley, Argos executive chairman and CEO, stated, We are pleased to complete this transaction. 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. Along with other strategic actions under way, the sale of our Lloyds business advances Argos primary objective to operate as a nimble, US-centric commercial specialty insurer. ArgoGlobal's Lloyd's Syndicate 1200 to exit Asia - ReinsuranceNe.ws Argo Group announces sale of Lloyd's Syndicate 1200 to Westfield We are pleased to complete this transaction, said Thomas A. Bradley, Argos executive chairman and chief executive officer. 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. Argo Syndicate 1200 sale: The harbinger of a new Lloyd's M&A cycle? "Along with other strategic actions underway, the sale of our Lloyds business advances Argos primary objective to operate as a nimble, U.S.-centric, commercial specialty insurer. Argo Group Announces Sale of Lloyd's Syndicate 1200 to Westfield 210-321-2104 Join the best minds in the market - access the expertise, knowledge and insights to protect and develop your business. Senior Vice President, Group Communications david.snowden@argogroupus.com, Argo Group Announces Sale of Lloyds Syndicate 1200 to Westfield, Internet Explorer presents a security risk. Welcome to Lloyds the worlds insurance marketplace. 210-321-2104 07337195 Argo syndicate sale: Bermuda's failed Lloyd's experiment revisited 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. Transaction expected to close in first half of 2023. 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. David Snowden Argo and its insurance subsidiaries are rated A- by Standard and Poors. Argo is likely to market itself by arguing the ship is already turning, with its 2020 . June 3, 2021 - Trans Mountain insurer and Lloyd's of London syndicate Argo Group has pledged to cut ties with the existing Trans Mountain tar sands pipeline when its current insurance policy expires on August 31, 2021, and to not insure the Trans Mountain Expansion Project. Argo undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. This field is for validation purposes and should be left unchanged. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo that Argos objectives will be achieved. Agency contact name: Mike Jackson/Darren Argyle. Westfield Expands Into International Specialty Insurance Business With Purchase of Lloyd's of London Syndicate 1200 From Argo Group September 08, 2022 09:25 AM Eastern Daylight Time Theoretical Chemistry Research Group of Prof. Ryan P. Steele. The Syndicate made a loss of 53.9m, compared with a loss of 27.4m in 2019. 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. Transaction will simplify corporate structure and drive greater efficiencies with increased focus on core U.S. businesses. Discover our suite of tools and technologies to support your business needs. The transaction is expected to close in the first half of 2023. 978-387-4150 Managing Agent Name: Argo Managing Agency Limited. Argo Group International Holdings, Ltd. (NYSE: ARGO) is a U.S. focused underwriter of specialty insurance products in the property and casualty market. gregory.charpentier@argogroupus.com, Media: Argo Group International Holdings, Ltd. (NYSE: ARGO) ("Argo") today announced the completion of its previously announced sale of Argo Underwriting Agency Limited and its Lloyd's Syndicate 1200 to Westfield. Lloyds Insurance Company (China) Limited, Marine Underwriting Manager All existing policies remain valid and the company will manage claims handling through its London operation. 978-387-4150 More information on Argo and its subsidiaries is available at www.argogroup.com. Such statements are subject to certain risks and uncertainties that could cause actual events or results to differ materially. Stay on top of all the latest news impacting the insurance marketplace and understand the innovations, trends and insights on the changing risk landscape. 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. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo that Argos objectives will be achieved. Loss Run. The Combined Ratio increased to 116.0%, from 109.2% in the previous year. The transaction is expected to close in the first half of 2023. June 3, 2021 - Trans Mountain insurer and Lloyd's of London syndicate Argo Group has pledged to cut ties with the existing Trans Mountain tar sands pipeline when its current insurance policy expires on August 31, 2021, and to not insure the Trans Mountain Expansion Project. In order to meet the varied demands of clients, Argo Underwriting Division offers reinsurance services in the following specialist classes via Lloyd's China platform: Director of Underwriting 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. 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 and its insurance subsidiaries are rated A- by Standard and Poors. Loss Run. Argo to receive total cash proceeds of approximately $125 million. 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. Lloyd's Syndicate 6117 - Syndicate Research - Argo 6117 Syndicate 1200 principally writes accident and health, motor, third-party liability, marine, fire and peril insurance. More information on Argo and its subsidiaries is available at www.argogroup.com. Argo Group sells Lloyd's Syndicate - The Royal Gazette Inside P&C is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730, Book a call with a member of the team to discuss your subscription options, WTW hires Sompos Mascaro as hospitality leader, M&A weekly roundup: NFP, Risk Strategies, Inszone and more, Liberty Mutual taps Ironshore exec Johnson as GRS NA field ops & marketing president, Risk Strategies grew 25% in 2022 to $1.2bn, with a $158mn acquired revenue boost, Big I apologizes, Rusbuldt relinquishes post following report of interview with Fox News host, Gain your competitive advantage with Inside P&C. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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/. 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). 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