For Jeffrey Radke, perhaps the biggest lesson learned during his tenure as PXRE's chief executive officer is that the company's age-old business model cannot be sustained in today's reinsurance world.
"It is very, very difficult to be a monoline property-cat company in the current environment. It's a difficult business model to make work given the completely revolutionized capital requirements that come from the rating agencies," he said.
Other strategies that historically made sense for PXRE won't for Argo Group and its reinsurance arm, Peleus, going forward, he noted–citing, as an example, taking on retrocessional business.
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