Argo

Head of Americas Kevin Rehnberg will take over from Watson on an interim basis.

Argo CEO Mark Watson III is stepping down with immediate effect. We see four key takeaways.

Tim Carter formerly served as CUO for global commercial insurance at AIG.

The carrier expects a $42mn prior-year reserve charge in Q3.

Axis reported a Q3 operating loss, while Argo anticipates a $42mn reserve charge in the period.

The carrier also disclosed an estimate of pre-tax catastrophe losses for the third quarter of $19mn.

The five directors the activist wants out include chairman Gary Woods.

The regulator has asked the carrier to disclose documents relating to staff compensation.

Investigation comes after activist investor accused Argo executives of misusing corporate assets.

Having just put an embarrassing activist campaign behind it, Argo finds itself facing yet more scrutiny over its executive compensation disclosures, this time from the SEC.

The executive was responding to questions over $26.4mn of reserve strengthening carried out by the insurer in the second quarter of the year.

Differing views on the impact of a lower rate environment emerged as a key controversy from company presentations Thursday.