Argo
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The moves comes after a subpoena by the US Securities and Exchange Commission and the departure of CEO Mark Watson III. -
Incoming CEO Rehnberg said he is “not satisfied” with Bermudian's Q3 performance
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The activist investment firm criticised Watson’s expected $7.6mn exit payout.
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The refund of a potential $2.23mn is likely to add fuel to activist Voce’s campaign at the carrier.
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The outgoing CEO of Argo spoke to this publication as he stood down after almost 20 years.
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Head of Americas Kevin Rehnberg will take over from Watson on an interim basis.
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It is a testing time for the Argo management team.
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Tim Carter formerly served as CUO for global commercial insurance at AIG.
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The carrier expects a $42mn prior-year reserve charge in Q3.
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Axis reported a Q3 operating loss, while Argo anticipates a $42mn reserve charge in the period.
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The carrier also disclosed an estimate of pre-tax catastrophe losses for the third quarter of $19mn.
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The senior underwriter joins from Abu Dhabi National Insurance Company.
