Argo shrinks board as shareholders agree declassification proposal

Bermuda-based specialty re/insurer Argo Group International Holdings has elected three new board members, Bernard Bailey, Fred Donner, and group chief executive officer Kevin Rehnberg, at its annual general meeting.

At the same time, five former directors have retired from the board, including former board chairman Gary Woods, F. Sedgwick Brown, Hector De Leon, Mural Josephson and John Power.

The company's shareholders have approved proposals to reduce the maximum board size from 13 to 11 directors and to declassify the board – voting on the full board annually.

“Today marks several noteworthy milestones for Argo,” said Thomas Bradley, Argo Group board chairman. “We appreciate the support from our shareholders approving meaningful governance enhancements and the election of the board. We are also pleased to welcome three new directors to the board who join with a tremendous amount of experience that will serve the company well as we look to the future.

He added: “On behalf of the entire board, I would also like to thank the former directors completing their board tenure. The company has grown significantly and evolved into a strong specialty insurer under their direction. We appreciate their leadership, commitment and contributions to positioning this company for future success.”