Argo Group International Holdings, Ltd., has announced that J. Daniel Plants, a member of the Argo Board of Directors, and Chairman of its Strategic Review Committee, has notified the company of his intention to step down from the Board, effective immediately.
Plants is the Founder and Chief Investment Officer of Voce Capital Management LLC – Argo’s largest shareholder. He was appointed to the Board on August 4, 2022.
Earlier this month, Argo entered into a definitive merger agreement in which Brookfield Reinsurance will acquire Argo in an all-cash transaction valued at roughly $1.1 billion.
In connection with the transaction, Voce entered into a voting and support agreement whereby Voce agreed to vote all of the common shares held by it in favor of the merger and take certain other actions, subject to the terms and conditions of the voting and support agreement.
The Brookfield acquisition follows the recent closing of the sale of Argo Underwriting Agency Limited and its Lloyd’s Syndicate 1200 to Westfield, which was announced in early September 2022.
“Last week’s announcement that Argo will be acquired by Brookfield Reinsurance concludes an intense, and productive, six months since I joined the Board with the stated purpose of assisting in these crucial endeavors. Following the successful completion of Argo’s strategic review process, which resulted in a transaction that maximizes value for all shareholders, now is the right time for me to relinquish my Board seat so that I may redirect my efforts to other priorities,” said Plants.
“I wish my Board colleagues, and the entire Argo team, all the best in their onward journey.”
“Since joining the Board and assuming the role of Chairman of the Strategic Review Committee last year, Dan has been instrumental in helping Argo successfully execute its strategic review process,” said Thomas A. Bradley, Argo’s Executive Chairman and Chief Executive Officer.
“On behalf of the entire Board, I would like to express our appreciation for his leadership throughout his tenure on the Board and his insights and support over the years as a longtime Argo shareholder.”