Argo Group International Holdings has started searching for a new chief financial officer and is updating responsibilities for its senior leadership team in a broader, related move.
The Bermuda-based specialty insurer and reinsurer needs a new CFO to replace Jay Bullock, who is departing the company.
Argo Chief Executive Officer Kevin Rehnberg thanked Bullock in prepared remarks “for his support, especially in my new role.” (Rehnberg became CEO, starting with an interim role in November 2019, after long-time leader Mark Watson III abruptly resigned during a controversy over executive compensation some saw as excessive.)
Rehnberg noted that Bullock will stay on as CFO until his successor is hired and to help with the transition.
Rehnberg said that Argo is also following through with “a clear set of operating principles” established earlier this year to help the company improve its operating results and boost shareholder value. As part of that, Argo is rolling out updated responsibilities for its leadership team.
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 groupwide 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 groupwide 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, Argo said.
Source: Argo Group