Argo investor backs down in push for new directors

Argo Group International Holdings has confirmed that Capital Returns Master, an investor in the business that has been pushing for change, has withdrawn its nomination of candidates Ronald Bobman and David Michelson, to stand for election to the Argo board of directors.

In a statement, Argo said: “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 maximize value for our shareholders.”