Argo Group International Holdings has announced the retirement of Mark Watson III as chief executive officer, effective immediately.
Watson will continue to serve as a member of the board and as an advisor to Argo Group until December 30, 2019, a release said.
“The board thanks Mark for his 20 years of service and his leadership in building the business, and wishes him well in his next endeavor,” said Argo Group chairman of the board of directors Gary Woods in a statement.
Following the announcement, the company’s board of directors has named Kevin Rehnberg as interim chief executive officer, effective immediately and subject to regulatory approval in Bermuda.
“It has been a great honour to build and lead this great company, and I look forward to its continued success under Kevin Rehnberg’s leadership,” commented Watson.
Rehnberg has been CEO, head of Americas, and chief administrative officer of Argo Group US since January 01, 2019. He previously served as president of Argo’s US operations from March 2013 to January 2019, overseeing the company’s US-based business segments. Prior to joining Argo, he was executive vice president for specialty lines at OneBeacon Insurance. He has also held positions at The St. Paul Travelers Companies, Liberty International and Chubb Corporation.
Woods said that Argo’s board has complete confidence in Rehnberg’s ability to lead the company.
“Kevin’s extensive leadership experience, including his strong track record running our Americas business, will ensure a smooth transition and position the company for continued growth and performance,” the board chairman added.
“It is an honour to take on the interim CEO role and along with Argo’s talented leadership team, I’m proud to serve our clients and distribution partners,” Rehnberg stated.
Rehnberg mentioned that Argo is well-positioned to continue delivering strong results for shareholders – through “profitable underwriting, long-standing relationships with distribution partners, operational excellence and disciplined capital management.”
The move comes as Argo faces regulatory scrutiny over its compensation practices.