Mark Watson has retired from his role as chief executive officer of Argo Group International, effective immediately.
Watsom will remain a member of the board and as an advisor until December 30, 2019 to ensure a smooth transition.
Kevin Rehnberg has been named as interim CEO. Rehnberg has been president of Argo Group US, head of the Americas and chief administrative officer since January 1, 2019, before which he was president of Argo’s US operations.
Before joining Argo Rehnberg served as executive vice president for specialty lines at OneBeacon Insurance, where he oversaw specialty underwriting operations and acquired and built new lines of specialty business. He has also worked at the St. Paul Travelers Companies, Liberty International and Chubb Corporation.
Gary Woods, chairman of Argo’s board, said Rehnberg’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.”
Rehnberg said: “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. We have also demonstrated the ability to unlock significant efficiencies and enhance customer service through technology and innovation. I will remain focused on these operating strategies.”
Argo’s independent directors of the board are also continuing their review of governance and compensation matters, which the company believes are not material to Argo’s financial position or results of operations. It is fully cooperating with an investigation by the Securities and Exchange Commission with respect to disclosures of certain compensation matters, Argo said.
Mark Watson, Argo Group, Kevin Rehnberg, Gary Woods