Argo
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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. -
He will report directly to the company’s interim CEO Kevin Rehnberg, in a restructuring of the North American business.
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The carrier was concerned about Voce’s influence over the appointment of new directors.
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The insurer requires permission from Bermudian authorities to affirm the appointment.
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An SEC investigation into corporate perks suggests “potential shortcomings in Argo’s governance framework”, S&P said.
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A forensic auditor found that benefits to former CEO Mark Watson were either ‘not disclosed or incorrectly disclosed’ to investors.
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Argo's bad week just keep's getting worse, with even AM Best twisting the knife.
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The moves comes after a subpoena by the US Securities and Exchange Commission and the departure of CEO Mark Watson III.
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Incoming CEO Rehnberg said he is “not satisfied” with Bermudian's Q3 performance
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The activist investment firm criticised Watson’s expected $7.6mn exit payout.
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Argo's bad week appears to have just gotten a lot worse, with potentially more to come.
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The refund of a potential $2.23mn is likely to add fuel to activist Voce’s campaign at the carrier.
