Argo’s CFO to Depart as Insurer Updates Executive Leadership Team

Argo Group International Holdings Ltd., the Bermuda-based specialty re/insurer, announced an update to senior leadership team responsibilities and the launch of an outside search for a chief financial officer to succeed Jay S. Bullock, who is leaving the company.

“Earlier this year, we established a clear set of operating principles designed to create an efficient organization focused on delivering improved operating results and shareholder value creation,” explained Chief Executive Officer Kevin J. Rehnberg, who became CEO in February, after three months as interim CEO.

The company is in the midst of a restructuring after a string of losses, an SEC investigation into executive perks and last year’s departure of CEO Mark E. Watson III.

“We have also initiated a succession plan for the CFO role, as Jay will be leaving the company. I would like to personally thank him for his support, especially in my new role. I’m also appreciative of his commitment to continue serving as CFO until his successor is hired and assisting with a smooth transition as we begin the public search immediately.”

The new CFO and the following leaders will report directly to Rehnberg:

• Tim Carter, chief underwriting officer. Carter is responsible for underwriting at the group level. He is also responsible for Argo Surety and Argo Pro.
• Gary Grose, executive vice president U.S. operations. Grose’s responsibilities include the following businesses: Argo Construction, Argo Property, Rockwood, Argo Casualty, Argo Environmental, Argo Marine and Argo Insurance. He will continue to oversee group-wide marketing, communications and producer management.
• Susan Comparato, senior vice president U.S. Operations. Comparato will move into operations leading the Argo Programs business, Argo Transportation and Alternative Risk Solutions. The company will announce a newly created group-level general counsel role in the fall. Comparato will continue as U.S. general counsel and manage the legal and compliance teams in the interim.
• Matt Harris, head of international operations. Harris continues to lead the company’s ongoing efforts to improve business results in international operations, including businesses based in London, Bermuda, Europe and Brazil. He is also responsible for the company’s reinsurance business.
• Mark Wade, chief claims officer. Wade’s role has expanded to incorporate claims across the organization, including U.S. and international.
• Andy Borst, chief administrative officer. Borst will serve in a group-wide role overseeing operations, including responsibility for Risk Management, IT, Digital, Innovation and Facilities.
• Tony Cicio, chief human resources officer. Cicio will continue in this role.

The general counsel role will report to Rehnberg and a new internal audit leader will report to the board’s Audit Committee upon their appointments later this year.

Source: Argo Group International Holdings

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