Company to retain Ariel Re brand
HAMILTON, Bermuda–(BUSINESS WIRE)– Argo Group International Holdings, Ltd. (NASDAQ: AGII), an international underwriter of specialty insurance and reinsurance products, today announced former Ariel Re chief executive officer, Ryan Mather, will serve as Argo Group’s global head of reinsurance leading all reinsurance operations. This announcement comes only a day after Argo Group announced the closing of the Ariel Re transaction on Feb. 6.
“Ariel Re and Argo Group are a terrific fit – operationally and culturally,” says Argo Group CEO Mark E. Watson III. “Ryan’s leadership and collaboration were key factors in our ability to finalize this agreement and begin implementing the company’s integration plan so swiftly. This is reflective of the teamwork and outstanding results we expect to see in the future.”
Mather’s organization will retain the Ariel Re brand as a member of Argo Group, and he will report directly to Jose A. Hernandez, head of Argo Group’s International Business.
“This transaction improves the company’s ability to manage through changing market cycles,” said Hernandez. “It also adds new capabilities that can be leveraged throughout the entire organization, including Ariel Re’s unique modeling and risk analysis tools, which enhance Argo’s already robust underwriting analytics.
“Under Ryan’s leadership, Ariel Re and Argo Re have combined to become a market-leading business and will make a meaningful and immediate contribution to earnings and return on equity.”
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NASDAQ: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Argo Group’s insurance subsidiaries are A. M. Best-rated ‘A’ (Excellent) (fourth highest rating out of 16 rating classifications) with a stable outlook, and Argo’s U.S. insurance subsidiaries are Standard and Poor’s-rated ‘A-‘ (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.argolimited.com.
This press release may include forward-looking statements, both with respect to Argo Group and its industry, that reflect our current views with respect to future events and financial performance. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 “expect,” “intend,” “plan,” “believe,” “do not believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “assume,” “estimate,” “may,” “continue,” “guidance,” “objective,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” and similar expressions of a future or forward-looking nature. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Argo Group’s control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements. We believe that these factors include, but are not limited to, the following: 1) unpredictability and severity of catastrophic events; 2) rating agency actions; 3) adequacy of our risk management and loss limitation methods; 4) cyclicality of demand and pricing in the insurance and reinsurance markets; 5) statutory or regulatory developments including tax policy, reinsurance and other regulatory matters; 6) our ability to implement our business strategy; 7) adequacy of our loss reserves; 8) continued availability of capital and financing; 9) retention of key personnel; 10) competition; 11) potential loss of business from one or more major insurance or reinsurance brokers; 12) our ability to implement, successfully and on a timely basis, complex infrastructure, distribution capabilities, systems, procedures and internal controls, and to develop accurate actuarial data to support the business and regulatory and reporting requirements; 13) general economic and market conditions (including inflation, volatility in the credit and capital markets, interest rates and foreign currency exchange rates); 14) the integration of businesses we may acquire or new business ventures we may start; 15) the effect on our investment portfolios of changing financial market conditions, including inflation, interest rates, liquidity and other factors; 16) acts of terrorism or outbreak of war; and 17) availability of reinsurance and retrocessional coverage, as well as management’s response to any of the aforementioned factors.
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Argo Group International Holdings, Ltd.
Susan Spivak Bernstein, 212-607-8835
Senior Vice President, Investor Relations
David Snowden, 210-321-2104
Senior Vice President, Corporate Communications
Source: Argo Group International Holdings, Ltd.