Argo Group Comments on Director Nominations from Capital Returns Management
Argo Group International Holdings, Ltd. (NYSE: ARGO) has announced its response to the nomination of two director candidates by Capital Returns Management for Argo's 2022 Annual General Meeting. The Company asserts that it has made significant progress in strengthening its strategic positioning since 2020, focusing on growth in premium earnings and improving margins. The Board has undergone changes, with seven directors stepping down and four joining, enhancing independent guidance. No shareholder action is required at this time as the Board evaluates the nominees.
- Ongoing strategic repositioning aimed at growth in earned premium and improved margins.
- Board of Directors has seen substantial turnover, bringing in fresh perspectives.
- The Board actively engages with shareholder interests and evaluations.
- No specific financial metrics or growth figures were provided.
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No Shareholder Action Required at This Time
The Argo Board of Directors and executive leadership team have made significant progress to strengthen the Company. Our strategic repositioning of the Company, undertaken in 2020, continues to focus on growth in earned premium, reducing volatility, expanding our margins, generating higher earnings and improving return on common equity. These actions will help position us to deliver sustainable and profitable growth to drive shareholder value.
Argo benefits from a highly qualified, experienced and refreshed Board that provides independent oversight and guidance on the execution of the Company’s strategy. The Board is comprised of nine accomplished directors, eight of whom are independent and all of whom bring significant relevant expertise to the Company. Since the beginning of 2020, we have had seven directors step off the board and four join, three of which joined in cooperation with
The Board remains open to considering qualified candidates and has procedures in place for the evaluation of its composition and director nominations. As such, Argo’s
While the Company does not comment on discussions with specific shareholders, it is important to note that members of Argo’s Board of Directors and executive leadership team have engaged with Capital Returns numerous times to better understand its perspectives. We remain confident in the Company’s strategy for continued growth and will continue to execute our strategic plan and evaluate opportunities to enhance shareholder value.
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FORWARD-LOOKING STATEMENTS
This press release and related oral statements may include forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “expect,” “position,” “intend,” “plan,” “believe,” “continued,” “do not believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “assume,” “estimate,” “may,” “continue,” “guidance,” “growth,” “objective,” “remain optimistic,” “improve,” “progress,” "path toward," “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” and similar expressions of a future or forward-looking nature.
Such statements are subject to certain risks and uncertainties that could cause actual events or results to not occur or differ materially. For a more detailed discussion of such risks and uncertainties, see Item 1A, “Risk Factors” in Argo’s Annual Report on Form 10-K for the fiscal year ended
Important Additional Information and Where to Find It
Argo plans to file a proxy statement (the “2022 Proxy Statement”) with the
Shareholders will be able to obtain, free of charge, copies of the 2022 Proxy Statement, any amendments or supplements thereto and any other documents (including the [BLUE] proxy card) when filed by Argo with the
Participants in the Solicitation
Argo, its directors and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Annual Meeting. Additional information regarding the identity of these potential participants, none of whom owns in excess of one percent (
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Investors:
AVP, Investor Relations and Corporate Finance
978-387-4150
gregory.charpentier@argogroupus.com
Media:
Senior Vice President, Group Communications
210-321-2104
david.snowden@argogroupus.com
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