Argo receives subpoena related to compensation

Independent board review also underway

Argo receives subpoena related to compensation

Insurance News

By Terry Gangcuangco

Argo Group International Holdings, Ltd. has received a subpoena from the US Securities and Exchange Commission, and the company’s independent directors are also conducting a governance and compensation review.

These were the revelations made by Argo in a new release, which noted that the SEC was seeking documents related to the firm’s disclosure of certain compensation-related perquisites. In August it was announced that there will be executive compensation changes at the specialty insurer from its 2020 fiscal year.

“The company, working with the assistance of outside counsel, is fully cooperating with the SEC and does not believe that the amounts involved are material to the company’s financial position or results of operations,” said Argo in its statement.

“Argo is committed to governance practices that support continued value creation for all shareholders, consistent with the company’s August 08, 2019 press release, which disclosed several proposed enhancements to the company’s governance and compensation programmes, including declassification of the company’s board and reduction of board size as part of its ongoing board refreshment process.”

You can read about the Bermuda-headquartered underwriter’s previous announcement here.

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