Menu

Reinsurance News

Argo CEO Watson steps down with immediate effect

6th November 2019 - Author: Charlie Wood

Specialty re/insurer Argo has announced the departure of Mark E. Watson III as Chief Executive Officer, effective immediately.

Mark Watson

Watson’s retirement follows news that Argo had been subpoenaed by The US Securities and Exchange Commission over compensation practices for its executives.

Before that, the re/insurer was locked in a messy back-and-forth with its fourth-largest shareholder Voce Capital Management

Watson remains on the board and as an advisor until the year’s end to ensure a smooth transition.

President of Argo Group US Kevin J. Rehnberg will step in as interim CEO.

On behalf of Argo’s Board of Directors, chairman Gary V. Woods said, “The Board thanks Mark for his 20 years of service and his leadership in building the business, and wishes him well in his next endeavor.”

Commenting on his departure, Watson said, “It has been a great honour to build and lead this great company, and I look forward to its continued success under Kevin Rehnberg’s leadership.”

Since the beginning of 2019 Rehnberg has been serving as president of Argo Group US, head of the Americas and Chief Administrative Officer.

Before that he was president of Argo’s US operations, overseeing all activities of Argo’s US-based business segments.

Commenting on his appointment, Rehnberg said, “It is an honor to take on the interim CEO role and along with Argo’s talented leadership team, I’m proud to serve our clients and distribution partners.

“Argo is well positioned to continue delivering strong results for shareholders through profitable underwriting, long-standing relationships with distribution partners, operational excellence and disciplined capital management.

“We have also demonstrated the ability to unlock significant efficiencies and enhance customer service through technology and innovation. I will remain focused on these operating strategies.”

Woods added, “Argo’s Board of Directors has complete confidence in Kevin’s ability to lead the Company. Kevin’s extensive leadership experience, including his strong track record running our Americas business, will ensure a smooth transition and position the Company for continued growth and performance.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
AXIS Capital invests in health insurtech firm HealthCare.com

Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has invested in health insurance-technology firm HealthCare.com. AXIS Capital participated in...

Close