ARGO AND VOCE REACH DEAL OVER BOARD APPOINTMENTS

Argo has reached an agreement with activist investor Voce Capital that will see former XL and AIG executive Carol McFate join the Bermudian re/insurer’s board. Additionally, Voce will work with Argo’s Nominating and Corporate Governance Committee to identify two new independent director candidates to stand for election at the company’s 2020 annual general meeting. Voce and Argo were engaged in a dispute over the make-up of the re/insurer’s board for the majority of 2019. Voce had planned to seek board changes through a special general meeting, with Argo attempting to head off these plans in December with the announcement of the retirement of five board members, including chairman Gary Woods. The new agreement between the two parties will also see Voce drop its plans to elect its own board members through the special meeting.