Argo
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The former CEO has instructed his lawyers to dispute what the company believes he should repay. -
The expenses were made public in a disclosure to investors on Friday.
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The ratings agency said the action follows Argo’s response to a recent SEC subpoena.
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The Bermudian has put its corporate jet up for sale in wake of public criticism over expenses.
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CEO Kevin Rehnberg said the 2019 results were “not indicative of our future direction”.
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Dr Bernard Bailey and Fred Donner will stand for election at the Argo annual shareholders meeting on 16 April.
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The leadership moves come after a year of activist investor-driven turmoil at the carrier.
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Interim CEO Kevin Rehnberg said the results were “clearly unacceptable”.
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The former AIG treasurer’s appointment as a director came as part of a truce with activist investor Voce Capital.
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Paragon insurance will acquire the business, which will continue to write on Argo paper.
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The executive joins Verus after about 20 years with Bermudian carrier Argo.
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The appointment follows a major business restructure at the carrier and the launch of a new specialty business.
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