Argo continues to chart a steady course towards sustainable profits
Argo Group is continuing to build on its success as it maintains a focus on sustainable profits, according to Mark E. Watson III, CEO Argo Group.
At last year’s Rendez-Vous, the company was working on its acquisition of Ariel Re, which finally closed in February 2017. Watson said the businesses are now integrated.
“For all of 2017 until now, Ariel Re and Argo Re have been operating in parallel fashion, and now is the time to bring everything together,” he said.
In February Ryan Mather, Ariel Re’s former CEO, was appointed global head of reinsurance for Argo; Matthew Wilken, the deputy head of Ariel Re, was appointed president.
“I want to make sure we can integrate the capital supporting all of our business together instead of in two separate pools. I’ve been focused on that since coming here—I’ve been more in buyer mode than seller mode,” Watson said.
In his view Irma will be manageable for the industry and he was focusing discussions on restructuring capital to support Argo Group’s 2018 business plans.
Looking to the future Watson said Harvey and Irma had illustrated some of the potential opportunities for those ready and able to take them. He stressed that the area affected by the storms was just a small part of Argo’s business.
Whereas in its early years Argo Group enjoyed fast growth, it has now grown to the point where it can be more selective in where it chooses to do business, he concluded.
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