Argo parts ways with CFO Bullock after recently replacing CUO and CEO

Bermuda-based re/insurer Argo Group International Holdings has reshuffled its senior leadership responsibilities and launched an external search for a new chief financial officer (CFO) succeeding Jay Bullock.

Bullock's departure follows that of chief underwriting officer (CUO) Axel Schmidt who stepped down earlier in June, shortly after the company settled $900,000 charges brought by the US Securities and Exchange Commission (SEC) for failing to fully disclose perquisites and benefits provided to its former chief executive officer (CEO) Mark E. Watson III. Watson resigned as Argo CEO in November 2019 following an investigation by the SEC. In March, Argo appointed Kevin Rehnberg as its permanent CEO until February 2023.

“Earlier this year, we established a clear set of operating principles designed to create an efficient organization focused on delivering improved operating results and shareholder value creation,” explained CEO Rehnberg. “It’s with these principles in mind that today we are announcing updated responsibilities for the Argo leadership team, which is made up of an outstanding group of leaders with a demonstrated track record of success.

“We have also initiated a succession plan for the CFO role, as Jay will be leaving the company. I would like to personally thank him for his support, especially in my new role. I’m also appreciative of his commitment to continue serving as CFO until his successor is hired and assisting with a smooth transition as we begin the public search immediately.”

As part of the executive leadership changes, the company has expanded Mark Wade's, chief claims officer, role to incorporate claims across the organisation, including US and international.

Andy Borst, chief administrative officer, will serve in a group-wide role overseeing operations, including responsibility for risk management, IT, digital, innovation and facilities.

Susan Comparato, senior vice president US operations, will move into operations leading the Argo Programs business, Argo Transportation and Alternative Risk Solutions.

The company will announce a newly created group-level general counsel role in the fall. Comparato will continue as US general counsel and manage the legal and compliance teams in the interim. The general counsel role will report to Rehnberg and a new internal audit leader will report to the board’s Audit Committee upon their appointments later this year.

Matt Harris, head of international operations, will continue to lead the company’s efforts to improve business results in international operations, including businesses based in London, Bermuda, Europe and Brazil. He is also responsible for the company’s reinsurance business.

Newly-appointed Tim Carter will serve as chief underwriting officer, responsible for underwriting at the group level. He is also responsible for Argo Surety and Argo Pro.

Gary Grose, executive vice president US operations, will be responsible for Argo Construction, Argo Property, Rockwood, Argo Casualty, Argo Environmental, Argo Marine and Argo Insurance. He will continue to oversee group-wide marketing, communications and producer management.

Andy Borst, chief administrative officer, will serve in a group-wide role overseeing operations, including responsibility for risk management, IT, digital, innovation and facilities.

Tony Cicio will continue in his role as chief human resources officer.