Argo Group Announces J. Daniel Plants to Step Down from Board of Directors

Rhea-AI Summary

Argo Group International Holdings (NYSE: ARGO) announced the immediate resignation of Board member J. Daniel Plants, who had been instrumental in its recent strategic review and merger agreement with Brookfield Reinsurance. Plants, a significant shareholder and Chairman of the Strategic Review Committee, joined the Board in August 2022. The merger, valued at $30 per share, aims to maximize shareholder value. This announcement follows the recent sale of Argo Underwriting Agency to Westfield, furthering Argo's strategic objectives. Executive Chairman Thomas A. Bradley expressed gratitude for Plants’ leadership during this crucial transition.

Positive

• Successful merger agreement with Brookfield Reinsurance valued at $30 per share, maximizing shareholder value.
• Completion of strategic review process, indicating effective governance and decision-making.

Negative

• Resignation of J. Daniel Plants may raise concerns regarding continuity and leadership experienced in strategic roles.

HAMILTON, Bermuda--(BUSINESS WIRE)-- Argo Group International Holdings, Ltd. (NYSE: ARGO) (“Argo”) today announced that J. Daniel Plants, a member of the Argo Board of Directors (the “Board”) and Chairman of its Strategic Review Committee, has notified the company of his intention to step down from the Board, effective immediately. Mr. Plants is Founder and Chief Investment Officer of Voce Capital Management LLC (“Voce”), Argo’s largest shareholder. He was appointed to the Board on August 4, 2022.

On February 8, 2023, Argo announced that it entered into a definitive merger agreement whereby Brookfield Reinsurance will acquire Argo in an all-cash transaction valued at $30.00 per common share. In connection with the transaction, Voce entered into a voting and support agreement whereby Voce agreed to vote all of the common shares held by it in favor of the merger and take certain other actions, subject to the terms and conditions of the voting and support agreement. The Brookfield acquisition follows the recent closing, on February 2, 2023, of the sale of Argo Underwriting Agency Limited and its Lloyd’s Syndicate 1200 to Westfield, which had been announced on September 8, 2022.

“Last week’s announcement that Argo will be acquired by Brookfield Reinsurance concludes an intense, and productive, six months since I joined the Board with the stated purpose of assisting in these crucial endeavors. Following the successful completion of Argo’s strategic review process, which resulted in a transaction that maximizes value for all shareholders, now is the right time for me to relinquish my Board seat so that I may redirect my efforts to other priorities,” said Mr. Plants. “I wish my Board colleagues, and the entire Argo team, all the best in their onward journey.”

"Since joining the Board and assuming the role of Chairman of the Strategic Review Committee last year, Dan has been instrumental in helping Argo successfully execute its strategic review process," said Thomas A. Bradley, Argo’s Executive Chairman and Chief Executive Officer. “On behalf of the entire Board, I would like to express our appreciation for his leadership throughout his tenure on the Board and his insights and support over the years as a longtime Argo shareholder."

About Argo

Argo Group International Holdings, Ltd. (NYSE: ARGO) is a U.S. focused underwriter of specialty insurance products in the property and casualty market. Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses. Argo and its insurance subsidiaries are rated ‘A-’ by Standard and Poor’s. Argo’s insurance subsidiaries are rated ‘A-’ by A.M. Best. More information on Argo and its subsidiaries is available at www.argogroup.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230213005629/en/

Investors:

Andrew Hersom

Head of Investor Relations

860-970-5845

andrew.hersom@argogroupus.com

Gregory Charpentier

AVP, Investor Relations and Corporate Finance

978-387-4150

gregory.charpentier@argogroupus.com

Media:

David Snowden

Senior Vice President, Group Communications

210-321-2104

david.snowden@argogroupus.com

Source: Argo Group International Holdings, Ltd.

FAQ

What does J. Daniel Plants' resignation from Argo Group mean for the company?

J. Daniel Plants' resignation may impact leadership continuity, but it follows a successful merger agreement with Brookfield Reinsurance.

When did J. Daniel Plants join the Board of Argo Group?

J. Daniel Plants joined the Board of Argo Group on August 4, 2022.

What is the value of the merger agreement between Argo Group and Brookfield Reinsurance?

The merger agreement is valued at $30.00 per common share.

What recent sale did Argo Group complete before the merger announcement?

Argo Group completed the sale of Argo Underwriting Agency Limited to Westfield on February 2, 2023.

How has Argo Group's strategic review process benefited its shareholders?

The strategic review led to a merger agreement that is expected to maximize shareholder value.