Specialty re/insurer Argo has announced an update to its senior leadership team responsibilities, as well as the departure of its Chief Financial Officer Jay Bullock.
The update comes at a tumultuous time for Argo, after it was dealt a $900,00 fine by the Securities and Exchange Commission (SEC) last month.
The fine related to $5.3 million in undisclosed benefits paid to former CEO and President Mark E. Watson III, who has since retired from leadership.
Having since replaced Watson with CEO Kevin Rehnberg, the company will now also begin an outside search for a new CFO.
“Earlier this year, we established a clear set of operating principles designed to create an efficient organization focused on delivering improved operating results and shareholder value creation,” explained Rehnberg.
“It’s with these principles in mind that today we are announcing updated responsibilities for the Argo leadership team, which is made up of an outstanding group of leaders with a demonstrated track record of success,” he continued.
“We have also initiated a succession plan for the CFO role, as Jay will be leaving the company. I would like to personally thank him for his support, especially in my new role. I’m also appreciative of his commitment to continue serving as CFO until his successor is hired and assisting with a smooth transition as we begin the public search immediately.”
In terms of updates to its leadership roles, Argo stated that Chief Underwriting Officer Tim Carter Carter will be responsible for go Surety and Argo Pro, in addition to overseeing underwriting at the group level.
Matt Harris, Head of International Operations is responsible for Argo’s reinsurance business, as well as its international operations, which include businesses based in London, Bermuda, Europe and Brazil.
Meanwhile, Gary Grose, Executive Vice President U.S. Operations will continue to oversee group-wide marketing, communications and producer management. His responsibilities also include Argo Construction, Argo Property, Rockwood, Argo Casualty, Argo Environmental, Argo Marine and Argo Insurance.
Additionally, Susan Comparato, Senior Vice President U.S. Operations, is to move into operations leading the Argo Programs business, Argo Transportation and Alternative Risk Solutions, while continuing to work as US general counsel and manage the legal and compliance teams in the interim.
Argo confirmed that it will announce a newly created group-level general counsel role in the Autumn.
In further updates, Chief Claims Officer Mark Wade will have his role expanded to incorporate claims across the organization, including US and international.
And Chief Administrative Officer Andy Borst will now serve in a group-wide role overseeing operations, including responsibility for Risk Management, IT, Digital, Innovation and Facilities.
Finally, Argo reported that the Chief Human Resources Office position will continue to be held by Tony Cicio.