Argo
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The five directors the activist wants out include chairman Gary Woods. -
The regulator has asked the carrier to disclose documents relating to staff compensation.
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Investigation comes after activist investor accused Argo executives of misusing corporate assets.
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The executive was responding to questions over $26.4mn of reserve strengthening carried out by the insurer in the second quarter of the year.
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The decision follows the appointment of John Moffatt as active underwriter.
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The Bermudian carrier will now underwrite surety bond programmes with an aggregate value up to $300mn.
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The executive is to step down from his responsibilities after seven years at the firm.
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The proposals follow a bitter proxy battle with Voce Capital centering on expenses and corporate governance.
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CEO Mark Watson pledged to make Bermudian digital “from top to bottom”.
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The Bermudian’s proxy battle with Voce cost $7.5mn in additional expenses.
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The syndicate’s CUO and head of specialty will replace Steve Eccles.
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The insurer's share price recovered slightly after dropping following the announcement that prior-year and second quarter losses will erode results by $32.5mn.
