London market veteran Peter Matson is to step down as director of underwriting at Argo Group's Lloyd's operation next month, as sister publication The Insurance Insider revealed yesterday.
Argo Group confirmed today that Matson's role at Argo International would be filled with immediate effect by aviation specialist Bruno Ritchie, subject to regulatory approval.
Matson, who joined the firm in October 2011, is remaining with the Bermudian-listed firm in order to focus on developing new business opportunities for Syndicate 1200 and Argo Group.
Ritchie, who will relocate to London, is currently Argo's group head of Aerospace, based in Paris, and will continue to lead the Aerospace division in addition to his new role.
Matson's decision to step down was described as "amicable" by one senior source close to the organisation.
The firm said today that Matson had "achieved the goals set out for him", including Syndicate 1200's launch last year of two new classes of business and a number of new products as well as significant improvements in the profitability of its existing classes.
He joined Argo in 2011 from the listed Lloyd's carrier Novae, where he was part of a new management team tasked with improving both the profitability and size of the underwriting portfolio.
The appointments came after a string of heavy losses on US casualty reinsurance from 1998 to 2002 almost brought the (re)insurer to its knees.
Ritchie joined Argo Group two years ago to build the firm's French underwriting platform and is a former Hiscox underwriter with 18 years of experience in aerospace and large account underwriting.
Argo International - which is led by managing director Jeff Radke - has undertaken a recent restructure, which included a transaction with Enstar-backed Shelbourne to cede Argo Syndicate 1200's 2009 and prior year legacy business.
In addition, the (re)insurer took its catastrophe treaty account out of Lloyd's for 2013, and has subsequently added international casualty business.
Radke said: "I would like to thank Peter for his leadership and contribution as underwriting director at a time of considerable change. I am certain Peter will continue to be an invaluable asset in his new role."
"Bruno's appointment...is a logical step in the growth of our business. He will provide excellent leadership and direction to our underwriting teams both in Lloyd's and across the syndicate's expanding European platforms."
Acknowledgement - Inside Fac 21/2/2013
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