Argo extends CFO Jay Bullock's contract to 2023

Bermuda-based specialty re/insurer Argo Group International Holdings has extended the contract with its executive vice president and chief financial officer Jay Bullock until April 25, 2023.

Bullock has served as Argo’s chief financial officer for over ten years, responsible for leading all financial, actuarial and risk management functions.

Under the new employment agreement, which is effective from April 26, 2019, Bullock’s annual base salary will be $525,000. It will be reviewed annually for possible increases but not decreases, the company said.

According to the April 29 US Securities and Exchange Commission filing, Bullock will continue to be eligible to earn annual cash incentive and/or long-term incentive awards in the sole discretion of the company from time to time, subject to his continued employment through any payment date.

Additionally, the company has amended the employment agreement of Jose Hernandez, who transitioned to a new position of chair, international operations as of January 1, 2019, for a term that will terminate on December 31, 2019.

Furthermore, the re/insurer has reported a 270.4 percent increase in its first quarter 2019 profits. Argo’s net income for the three month period ending March 31, 2019 was $91.2 million.

Its combined ratio was 94.8 percent and gross written premiums grew 7.1 percent in the quarter to $760.8 million.

“Our strong first quarter 2019 results demonstrate our focus on delivering value to shareholders. Our annualised return on equity (ROE) of 20.1 percent in the first quarter is an outstanding achievement. The 9.1 percent annualized operating ROE for the quarter, a 100 basis point improvement year-over-year, reflects strong momentum toward our run rate objective of 10 percent. In addition, book value per share increased 8.0% from the beginning of the year," said Mark Watson III, CEO.

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