Argo

One tempting way to think about the sensational letter sent to Argo’s investors by activist investor Voce Capital is to dismiss it as an amusing but inconsequential sideshow from an external investor that doesn’t get the uniqueness of our market.

Argo Group’s board and management have responded to the explosive letter issued by activist investor Voce Capital Management.

The activist investor takes aim at CEO Mark Watson and prepares to name four new independent director candidates.

As activist investor Voce Capital Management becomes the carrier’s fourth-largest shareholder, this publication explores what incentive the investor has to push for a sale.

Argo beats Wall Street’s expectations for Q4 as improved underwriting brought the carrier back to underwriting profitability.

The investment firm confirms it is interested in opportunities to “enhance shareholder value”.

The carrier, which took losses from the Marriott cyber breach, no longer writes cyber insurance for companies with revenues of more than $1bn.

Richard Taylor joins the MGA from CMS.

The ArgoGlobal-backed coverholder specialises in US A&H business.

Over 90 percent of stocks in the I50 posted gains last week.

CEO Mark Watson said results would also be impacted by $12mn in accident year losses.

The size of its Harambee Re vehicle remains undisclosed.