Argo changes at the top
Bermuda-based Argo Group International Holdings Ltd has made a series of leadership appointments with a focus on simplifying the organisation.
Susan Comparato has been named chief administrative officer, Andy Borst appointed interim president of International operations including Bermuda, Gary Grose named president of commercial specialty and Marsh Duncan appointed president of excess & surplus.
The specialty insurer said the appointments support its strategic goals outlined for investors, and streamline Argo’s management structure and reduces expense.
Kevin Rehnberg, ArgoGroup CEO, said: “This is the natural next step in our continuing evolution as a leading US-focused specialty insurer.
“These organisational changes will help continue and even accelerate our progress against our strategic goals. Our recent earnings results demonstrate the good progress we are making, and these appointments will further streamline our structure.”
Argo reported second quarter to June 30 net income attributable to common shareholders of $67.1 million or $1.92 per diluted common share, compared to a net loss attributable to common shareholders of $5.4 million or $(0.16) per diluted common share for the 2020 second quarter.
In her role as chief administrative officer, Argo said Ms Comparato will oversee the global business services and innovation teams; the US transformation team, which is focused on aligning the business with a significant technology programme of work; group communications; and group enterprise security.
Ms Comparato formerly served as Argo’s US general counsel and most recently managed a portfolio of Argo’s US business lines.
Argo said Mr Borst will oversee the following businesses: Syndicate 1200, Bermuda, Brazil and Dubai. He has a broad background working in many areas of the Argo business, including his time in London as chief administrative officer for International Operations prior to his promotion to chief administrative officer for the group.
In his role as president, commercial specialty, Mr Grose will oversee the following businesses: Alternative Risk Solutions, Argo Pro, Commercial Programs, Rockwood and Surety. He formerly served as executive vice president of US operations. Mr Grose will also continue to oversee producer management for the company.
Mr Duncan will oversee the following businesses: Casualty, Construction, Contract P&C, Environmental, Inland Marine, Property and Garage. He has held numerous roles at Argo, most recently overseeing a smaller portfolio of Argo businesses.
The company also announced that Tim Carter, Argo’s former chief underwriting officer, and Matt Harris, former head of international, have left the company.
Argo Group is an underwriter of specialty insurance products in the property and casualty market. The company said it offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses in two primary segments: US Operations and International Operations.
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