Argo Group International Holdings’ board of directors has announced a 15 per cent stock dividend.

The Bermudian insurer and reinsurer’s stock dividend is payable on March 21, 2018, to shareholders of record at the close of business on March 7, 2018. Shareholders will receive cash in lieu of fractional shares.

In addition, Argo’s board declared a quarterly cash dividend of 27 cents per share on the company’s common stock. The cash dividend will be paid March 23, 2018, on a post-stock dividend basis, to shareholders of record at the close of business on March 7, 2018.

As a result of the board’s action, the outstanding shares of the Company’s common stock will increase by approximately 4.4 million shares, from 29.6 million shares outstanding to 34 million shares outstanding.