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Reinsurance News
12th December 2019
Five members of Argo’s board are set to retire amid an ongoing “refreshment process” seemingly brought about by pressure from shareholder Voce Capital Management and a subpoena issued by The US Securities and Exchange Commission. The specialty re/insurer says its board is engaged in a "national executive search firm ... Read the full article
11th December 2019
Mark Watson, the former Chief Executive of specialty reinsurer Argo, is set to receive a $2.5 million compensation package upon his departure from the company. Watson’s ‘retirement’ from Argo followed news that the re/insurer had been subpoenaed by The US Securities and Exchange Commission over compensation practices for its executives. Before ... Read the full article
10th December 2019
Argo Group International Holdings, Ltd. has set a record date of January 8th, 2020 for the determination of company shareholders who are entitled to execute, withhold or revoke consents in connection with the Voce Consent Solicitation. The Board of Directors of Argo has responded to Voce's letter requesting that the re/insurer ... Read the full article
3rd December 2019
Specialty reinsurer Argo has criticised a recent attempt by its shareholder Voce to call a special general meeting in order to remove and replace five existing board members. An Argo statement released this week states that its board has been been constructively engaged with Voce, and continues to encourage its participation ... Read the full article
13th November 2019
Specialty reinsurer Argo has had its outlook revised from stable to negative by S&P Global Ratings amid ongoing governance-related issues. S&P says the recent retirement of Chief Executive Officer Mark Watson could suggest potential shortcomings in the company’s governance framework, including the effectiveness of board oversight. President of Argo Group US ... Read the full article
8th November 2019
Ratings agency AM Best has placed specialty re/insurer Argo under review with negative implications due to “diminished credibility” among shareholders. In particular, AM Best questions the decision to keep an SEC inquiry confidential while undergoing an extensive internal investigation on compensation governance matters. Another concern for AM Best are the pending ... Read the full article
7th November 2019
Argo Group shareholder Voce Capital Management has described the specialty re/insurer’s board as having been “asleep at the switch for decades” and urged for immediate and sweeping changes at the company following the Read the full article
1st November 2019
Specialty re/insurer Argo has announced a new reporting structure for the Americas aimed at maintaining operational excellence and providing additional senior leadership to the region. The new structure will be led by three newly appointed executive vice presidents, all of whom will report to Kevin Rehnberg, president, group Chief Administrative Officer ... Read the full article
30th October 2019
Argo Group International Holdings, Ltd. has announced that it is set to incur prior accident year losses of approximately $42 million – or 9.3 points – on its consolidated loss ratio for the third quarter of 2019. The company released a statement ahead of its Q3 results warning of the reserve ... Read the full article
21st October 2019
S&P Global Ratings has dropped its outlook for Argo Group US and its subsidiaries from positive to stable, after the specialty re/insurer was issued with a subpoena by The US Securities and Exchange Commission. After news of the subpoena broke, Argo released a statement explaining that it was conducting an ... Read the full article
14th October 2019
Voce Capital Management has accused Argo Group's board of “evading responsibility” rather than acting in the best interests of the company and its stakeholders, days after the specialty re/insurer announced it had been issued with a subpoena by The US Securities and Exchange Commission. After news of the subpoena broke, Read the full article
9th October 2019
Specialty re/insurer Argo has been subpoenaed by The US Securities and Exchange Commission over compensation practices for its executives, and is now conducting an internal review. This development is the latest chapter in what started as a messy back-and-forth between Argo and its fourth-largest shareholder Voce Capital Management. The public ... Read the full article
2nd September 2019
Lloyd's of London insurer and member of Argo Group, ArgoGlobal, has announced plans to exit Syndicate 1200 underwriting operations in Asia and the majority of its hull underwriting business within the syndicate. The move comes as part of recent actions undertaken by the firm to improve profitability in the syndicate. In ... Read the full article
27th August 2019
Specialty underwriter Argo Surety, part of re/insurer Argo Group, has announced a new and increased treasury listing capacity providing the firm with the ability to consider single bonds up to $100 million. Argo Surety has also expanded its appetite to support eligible customers for an aggregate surety bond program of up ... Read the full article
9th August 2019
Specialty re/insurer Argo is to alter the way its executives are compensated, whilst also announcing a series of board proposals due to be put forward to shareholders. The move follows a messy back and forth between Argo and its fourth-largest shareholder Voce Capital Management, following accusations that the re/insurer’s Chief Executive ... Read the full article
