Argo

The execs are set to leave the firm after a combined 26 years at Argo and its predecessor companies.

Argo has consented to a cease-and-desist order and will pay a $900,000 civil penalty.

The carrier’s chief executive officer said the “vast majority” of BI cover in the US has virus exclusions.

Core underwriting margins in the International segment remained flat YoY, while underlying results in the US weakened.

The losses mainly relate to event cancellation and BI losses.

RLI shares plunged by nearly 12 percent, while and Argo dropped over 6 percent.

Bernard Bailey and Fred Donner join Carol McFate as new Argo directors following a shareholder vote.

Insurance stocks outperformed as Federal Reserve agreed to take further action and lawmakers mulled a pandemic backstop.

The bolstered position follows a detente between the fund and the insurer’s management.

Transformations in Argo’s corporate governance following the proxy advisers’ support for little-to-no change raises questions about the role such firms play in a complex business like insurance.

Argo’s proxy filing unveils the depth of its past culture issues and raises questions on what the board knew, when it disclosed it, and how that shaped the terms of Mark Watson's departure.

The former CEO has instructed his lawyers to dispute what the company believes he should repay.