Argo
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The former AIG treasurer’s appointment as a director came as part of a truce with activist investor Voce Capital.
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Paragon insurance will acquire the business, which will continue to write on Argo paper. -
The executive joins Verus after about 20 years with Bermudian carrier Argo.
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The Bermudian carrier’s retreat from Miami follows similar moves by Brit and Aspen.
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The investor’s nominee Carol McFate will take the spot vacated by former CEO Mark Watson III.
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The meeting was moved up from a previous date in May after five directors stepped down.
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The activist investor called on the carrier to elect shareholder-nominated directors.
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The departures represent a significant win for the activist investor, which was seeking to force a special meeting to oust the directors.
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It is unclear whether Argo’s board is so shameless as to be immune from public criticism, or so addicted to it that they are actively seeking it.
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The former executive’s business travel has been restricted as part of the exit deal.
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A proposal for a special meeting from activist fund Voce Capital requires the backing of at least 10 percent of Argo shareholders.
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There is an old saying that you should never ask a barber if you need a haircut. The same goes for financial advisors who get paid on activity rather than success.
