It looks like Capital Returns Master has backed down in its board battle with Argo Group International Holdings, with the activist investor withdrawing its director nominations.

In an announcement by Argo, the insurer confirmed that Capital Returns is no longer nominating Ronald Bobman and David Michelson to stand for election to Argo’s board of directors.

Capital Returns, as of this writing, has not issued a public statement on the matter.

Argo, which has its own set of nominees, recently gained the support of proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co in relation to the board election. Argo’s biggest shareholder, Voce Capital Management, is also in favour of the underwriting group’s proposed board members.

Commenting on the development, Argo stated: “The Argo board and management team will continue to maintain an ongoing dialogue with its shareholders. We appreciate the constructive discussions we have had and the overwhelming support received for the company’s director nominees.

“Argo has a highly qualified, fully engaged and significantly refreshed board, and we will continue to take actions to maximise value for our shareholders.”

The company is holding its annual meeting of shareholders on December 15.