Specialty insurer Argo Group International Holdings, Ltd. has made a number of new executive appointments designed to help streamline its organizational structure.
“These organizational changes will help continue and even accelerate our progress against our strategic goals,” Argo Group CEO Kevin Rehnberg said in prepared remarks. “Our recent earnings results demonstrate the good progress we are making, and these appointments will further streamline our structure.”
Argo Group earlier in August reported 2021 second quarter net income of $67.1 million, or $1.92 per diluted common share, versus a $5.4 million net loss, or negative $0.16 per common share, in the 2020 second quarter. Argo produced a 95.4 combined ratio during the quarter, versus 99.9 a year ago, as the Bermuda-based company enjoyed the benefits of improved underwriting margins and reduce catastrophe losses. Rate increases and big gains in net investment income also helped raise results.
Here are the new Argo executive moves:
- Susan Comparato, as chief administrative officer. Comparato will oversee the global business services and innovation teams; the U.S. transformation team, which is focused on aligning the business with a significant technology program of work; group communications; and group enterprise security. She was previously Argo’s U.S. general counsel and most recently managed a portfolio of Argo’s U.S. business lines.
- Andy Borst, as interim president, International Operations. Borst will oversee Syndicate 1200, Bermuda, Brazil and Dubai. Borst has a broad background working in many areas of the Argo business, including his time in London as chief administrative officer for International Operations before his promotion to chief administrative officer for the Group.
- Gary Grose, as president, Commercial Specialty. In this role, Grose will oversee Alternative Risk Solutions, Argo Pro, Commercial Programs, Rockwood and Surety. Grose formerly served as executive vice president of U.S. Operations. Grose will also continue to oversee producer management for the company.
- Marsh Duncan, as president, Excess & Surplus. Duncan will oversee Casualty, Construction, Contract P&C, Environmental, Inland Marine, Property and Garage. Duncan has held numerous roles at Argo, most recently overseeing a smaller portfolio of Argo businesses.
Separately, Argo announced that Tim Carter, Argo’s former chief underwriting officer, and Matt Harris, former head of international, have left the company.
Source: Argo Group