Top executives exit Argo amid restructuring to streamline and cut expenses

Two key leaders have left  Argo Group International Holdings as the Bermuda-based specialty re/insurer initiated process to streamline and simplify its management structure as well as reduce company expenses.

Argo's chief underwriting officer (CUO) Tim Carter and head of international Matt Harris have both left the company.

The company has made new leadership appointments to support its strategic goals outlined by its investors.

Argo Group CEO Kevin Rehnberg (pictured), said: “This is the natural next step in our continuing evolution as a leading U.S.-focused specialty insurer. These organisational changes will help continue and even accelerate our progress against our strategic goals. Our recent earnings results demonstrate the good progress we are making, and these appointments will further streamline our structure.”

The new appointees include Susan Comparato as chief administrative officer, Andy Borst as interim president of international operations, Gary Grose as president of commercial specialty, and Marsh Duncan as president of excess & surplus.

Comparato will oversee the global business services and innovation teams; the U.S. transformation team, which is focused on aligning the business with a significant technology programme. Comparato has formerly served as Argo’s US general counsel and most recently managed a portfolio of Argo’s US business lines.

Borst will oversee Argo's Syndicate 1200, as well as Bermuda, Brazil and Dubai business. He has a broad background working in many areas of the Argo business, including his time in London as chief administrative officer for international operations prior to his promotion to chief administrative officer for the Group.

Grose will oversee the Alternative Risk Solutions, Argo Pro, Commercial Programs, Rockwood and surety businesses. Grose formerly served as executive vice president of US operations. Grose will also continue to oversee producer management for the company.

Finally, Duncan will oversee the casualty, construction, contract P&C, environmental, inland marine, property and garage businesses. Duncan has held numerous roles at Argo, most recently overseeing a smaller portfolio of Argo businesses.

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