Specialty reinsurer Argo has named Kevin Rehnberg as its new Chief Executive Officer following the messy departure of former-boss Mark Watson.
The appointment marks the culmination of an ongoing dispute that stretches back to February 2019 when activist investor Voce accused Watson of perpetuating “shockingly high and shockingly inappropriate” corporate expenses.
Watson later departed the company, following news that Argo had been subpoenaed by The US Securities and Exchange Commission over compensation practices for its executives.
Rehnberg, who has spent the last few months of his seven-year term with Argo as interim CEO, will begin his new role immediately.
Prior to Argo, Rehnberg served as executive vice president for specialty lines at OneBeacon Insurance. Before that, he held positions at The St. Paul Travelers Companies, Liberty International and Chubb Corporation.
“It is an honor to take on this role and collaborate with such a talented team,” Rehnberg said.
“We will continue to serve our customers and partners – pursuing strong results through operational excellence and innovative solutions.”
In addition to Rehnberg’s appointment, Argo has confirmed the election of Thomas Bradley as chairman of the board of directors, when Gary V. Woods leaves in April 2020.
Woods’ exit seems yet another consequence of Voce’s public criticism of Argo, and follows a cooperation agreement between the two parties last month.
“Tom joined the board with vast experience in numerous insurance industry leadership roles,” said Woods.
“His strategic vision for the business and intense focus on the highest standards of corporate governance will benefit our customers, shareholders and employees.
“We are also pleased that Kevin will serve as CEO on a permanent basis. He has demonstrated his abilities as a results-oriented leader. It has been an honor to serve as chairman, and I am confident we have the right leadership in place for the future.”
Woods joined Argo’s board in 2000 and has served as chairman since 2001.
“On behalf of the entire board,” Bradley said, “I would like to sincerely thank Gary for his commitment and contributions to Argo, providing leadership as the Company has expanded from a very small regional insurer generating approximately $300 million in gross written premium to a strong specialty insurer exceeding $3 billion in annual gross written premium.
“Argo Group is a solid company poised for prosperity in the specialty insurance marketplace,” he added.
“It is a privilege to serve as chairman working with the board and Argo’s leadership team to ensure the Company continues to deliver on its commitments to shareholders, clients and employees.”
