Argo Group Confirms Withdrawal of Nominations by Capital Returns Master

Rhea-AI Summary

Argo Group International Holdings (NYSE: ARGO) announced the withdrawal of Capital Returns Master, Ltd.'s nominations for Ronald Bobman and David Michelson to its Board of Directors prior to the 2022 Annual Meeting, set for December 15, 2022. The company expressed appreciation for shareholder support and emphasized the capability of its refreshed Board. Argo continues to engage with its shareholders constructively. Goldman Sachs is the financial advisor to Argo, with Skadden, Arps, Slate, Meagher & Flom LLP serving as legal counsel.

Positive

• Capital Returns Master withdrew its nominations, indicating support for the current Board.
• Argo's Board is described as highly qualified and significantly refreshed.

Negative

• None.

HAMILTON, Bermuda--(BUSINESS WIRE)-- Argo Group International Holdings, Ltd. (NYSE: ARGO) (“Argo” or “the Company”) today confirmed that Capital Returns Master, Ltd. has withdrawn its nomination of candidates Ronald Bobman and David Michelson, who Capital Returns Master previously nominated to stand for election to the Argo Board of Directors in connection with the Company’s 2022 Annual Meeting of Shareholders, which will be held on December 15, 2022.

Argo issued the following statement:

The Argo Board and management team will continue to maintain an ongoing dialogue with its shareholders. We appreciate the constructive discussions we have had and the overwhelming support received for the Company’s director nominees. Argo has a highly qualified, fully engaged and significantly refreshed Board, and we will continue to take actions to maximize value for our shareholders.

Goldman Sachs & Co. LLC is serving as financial advisor to Argo and Skadden, Arps, Slate, Meagher & Flom LLP is acting as Argo’s legal counsel.

About Argo Group International Holdings, Ltd.

Argo Group International Holdings, Ltd. (NYSE: ARGO) is an 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 in two primary segments: U.S. Operations and International Operations. Argo Group and its insurance subsidiaries are rated ‛A-’ by Standard & Poor’s. Argo’s insurance subsidiaries are rated ‛A-’ by A.M. Best. More information on Argo and its subsidiaries is available at argogroup.com.

Forward-Looking Statements

This press release and any related oral statements may include forward-looking statements that reflect our current views with respect to future events and financial and operational 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 “positioning,” “expect,” “intend,” “plan,” “believe,” “do not believe,” “aim,” “project,” “anticipate,” “confident,” “seek,” “will,” “likely,” “assume,” “estimate,” “may,” “continue,” “create,” “maximize,” “guidance,” “objective,” “outcome,” remain optimistic,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track,” “simplifies” 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 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 and Form 10-K/A for the fiscal year ended December 31, 2021, as supplemented in Argo’s subsequent Quarterly Reports on Form 10-Q, and in other filings with the U.S. Securities and Exchange Commission. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo that Argo’s objectives will be achieved. Argo undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such statements. Each of the transactions referenced in this press release is subject to risks and uncertainties, including, but not limited to, that the transactions may be unable to be completed because of the failure to obtain required regulatory approvals or satisfy (or obtain waivers of) the closing conditions and uncertainty as to the timing of completion of the transactions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221212005829/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 did Argo Group confirm regarding Capital Returns Master, Ltd.?

Argo Group confirmed that Capital Returns Master, Ltd. has withdrawn its nominations for Board candidates Ronald Bobman and David Michelson.

When is Argo Group's 2022 Annual Meeting of Shareholders?

The 2022 Annual Meeting of Shareholders for Argo Group is scheduled for December 15, 2022.

What is the significance of the withdrawal of nominations by Capital Returns Master?

The withdrawal signifies potential support for Argo's existing Board and its strategic direction.

Who is advising Argo Group in this matter?

Goldman Sachs & Co. LLC is serving as Argo's financial advisor, while Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel.