Argo Group International Holdings Ltd has confirmed that a dissident investor has withdrawn its nomination of candidates Ronald Bobman and David Michelson for board seats in the Bermuda-headquartered insurance group.

Capital Returns previously nominated the two ahead of the company’s 2022 annual meeting of shareholders, which will be held Thursday.

But an Argo statement 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 maximise value for our shareholders.”

Argo faced a challenge from the activist investors, including a contention by Capital Returns that two directors should be replaced by its nominees.

But just last week Argo said the proxy advisory firms, Institutional Shareholder Services and Glass Lewis & Co, recommended that shareholders vote for Argo’s director nominees.

Goldman Sachs & Co. LLC is serving as financial adviser to Argo and Skadden, Arps, Slate, Meagher & Flom LLP is acting as Argo’s legal counsel.