Reinsurance News

Voce’s proposal shows a “lack of experience in insurance company strategies”, says Argo

3rd May 2019 - Author: Luke Gallin

Argo Group International Holdings has commented on Voce Capital Management’s proposed “plan”, underlining continued false and misleading claims, as the war of words between the two continues.

Argo Group logoA back-and-forth between the two companies has been ongoing since February of this year, when Voce accused Argo’s Chief Executive Officer (CEO), Mark E. Watson III of perpetuating “shockingly high and shockingly inappropriate” corporate expenses over the last decade.

The latest instalment sees Argo respond to a recent update from Voce, which the insurer and reinsurer describes as a proposed plan, which reveals a lack of experience in insurance company operating strategies or execution challenges.

Specifically, Argo highlights “absurd” inaccurate financial metrics in Voce’s recent presentation, stating that this consists of nothing more than speculation.

The specialist insurer and reinsurer underlines the critical expertise and independence of its Board, adding that it has the necessary skills and experience to oversee both near and long-term strategy. This includes extensive insurance and finance knowledge, technology and capital markets expertise.

Argo Independent Chairman, Gary Woods, commented: “Argo’s Board has overseen the Company’s successful transformation from a domestic insurer specialized in workers’ comp to a global underwriter of specialty insurance and reinsurance, paving the way for Argo’s superior shareholder returns. Our operating strategy has been deliberately constructed to deliver for shareholders and our positive financial outlook supports continued value creation.”

With an Annual General Meeting of Shareholders due to take place on May 24, Argo has again urged shareholders to vote the WHITE proxy card “FOR” all of the Company’s highly qualified director nominees.

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