Argo
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The carrier says about $22.5mn of losses will come from prior-year events, with another $10mn from current-year claims.
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The class, which has experienced a string of recent losses, will now be written from Argo’s Bermuda platform. -
Chairman of Argo’s international business Jose Hernandez is also to leave at the end of this year.
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The outcome of the proxy contest could be seen as a coup for the carrier, but questions over expense management and corporate governance persist.
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The Bermudian won the non-binding vote on executive pay, but claimed just 50.3 percent of the vote.
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The underwriter moves following the completion of RenRe’s takeover of the Tokio Marine unit.
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The hedge fund said Tuesday that it was discontinuing a proxy campaign to get five new directors on the board.
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The activist claims Illinois and Virginia state departments ‘flip-flopped’ on proxy statement approvals after lobbying.
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The proxy firm backs two of the activist's director candidates, though Argo highlights support from the adviser on its returns track record.
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The planned changes to the company's board size come after feedback from long-term shareholders, the insurer said.
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The proxy firm has found in favour of the Bermudian on the key director votes, but against CEO Mark Watson III’s remuneration.
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The advisory firm sees no case for a board sweep-out but criticises elements of Mark Watson's pay.
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