|Bid||68.68 x 1000|
|Ask||70.50 x 800|
|Day's Range||68.49 - 69.49|
|52 Week Range||59.82 - 78.57|
|Beta (3Y Monthly)||0.61|
|PE Ratio (TTM)||20.40|
|Earnings Date||Nov 4, 2019 - Nov 8, 2019|
|Forward Dividend & Yield||1.24 (1.81%)|
|1y Target Est||80.67|
This article is written for those who want to get better at using price to earnings ratios (P/E ratios). We'll show...
Voce Capital Management disclosed on Oct. 15 that it held 1,863,557 shares of the property and casualty insurer, equal to 5.4% of Argo’s outstanding stock. Its recommendations include the removal of the five longest-serving directors, the election of independent directors to at least partially fill the vacated seats, and the creation of a special committee that “will respond to the SEC subpoena” and conduct a “comprehensive investigation, with the assistance of an outside law firm, into any misappropriation of corporate assets,” along with any other misconduct.
“Earlier this year Voce published a detailed case demonstrating that a culture of indulgence, entrenchment and failed oversight has plagued Argo under the aegis of the current Board. Beginning with a public letter to our fellow shareholders on February 25, 2019 [link], and supported through a number of subsequent communications, including our 131-page white paper, ‘Righting the Ship’ [link] – we chronicled Argo’s decrepit corporate governance, particularly as it relates to the Board’s lack of proper oversight of management and the absence of any delineation between corporate assets and priorities and those of management.
AM Best has affirmed the Financial Strength Rating of A and the Long-Term Issuer Credit Ratings of “a” of Argo Re Ltd. and its subsidiaries.
(Bloomberg) -- Argo Group International Holdings Ltd. has been subpoenaed by U.S. securities regulators about perks for its executives and is conducting an internal review.The U.S. Securities and Exchange Commission is seeking documents focused on Argo’s disclosures about executive compensation, the company said in response to inquiries from Bloomberg News. Its independent directors are conducting a review of its governance and compensation matters, the company said.“The company, working with the assistance of outside counsel, is fully cooperating with the SEC and does not believe that the amounts involved are material to the company’s financial position or results of operations,” Argo said in an emailed statement.Argo rose 1% in trading Wednesday in New York to $68 at 9:30 a.m., giving the company a market value of about $2.3 billion.The investigation comes after an activist investor, Voce Capital Management, accused Argo of misusing corporate assets, including company-owned aircraft and housing. Argo Chief Executive Officer Mark Watson earned roughly $8.4 million in total compensation in 2018, a 180% increase over his 2017 earnings, according to a regulatory filing.Representatives for the SEC and Voce declined to comment.Voce, which had sought five seats on the board, gave up its fight in May, claiming two states refused to let the activist fund solicit proxies in their jurisdiction. Voce owns a 5.5% stake in Argo, making it the company’s fourth largest holder, according to data compiled by Bloomberg.Among Voce’s allegations -- laid out in a February letter -- is that Argo failed to properly disclose the details of its corporate jet program, which Voce estimated costs millions of dollars a year to maintain and traveled dozens of times to airports near Watson’s homes and holiday destinations.Throughout the course of the proxy fight, Voce also raised concerns about the use of corporate apartments in Miami and New York and Argo’s sponsorship of sporting events that were of personal interest to Watson.Argo argued the complaints lodged by Voce had “little regard for the truth,” and pointed to its track record for shareholder returns as a counter to allegations of mismanagement. The insurer argued that Voce backed away from the proxy fight because it lacked the necessary support from shareholders.Argo, based in Pembroke, Bermuda, offers reinsurance and property and casualty insurance.In August, the company disclosed several proposed governance and compensation changes, including reducing the size of its board and ensuring that all directors stand for election each year.(Updates with stock price in paragraph four, additional information in paragraph five.)\--With assistance from Matt Robinson.To contact the reporter on this story: Scott Deveau in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Liana Baker at email@example.com, David S. Joachim, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Argo Group International Holdings, Ltd. (ARGO) (“Argo” or the “Company”) affirms that its independent directors are conducting a review of governance and compensation matters. The Company also announced that it previously received a subpoena from the U.S. Securities and Exchange Commission (the “SEC”) seeking documents primarily with respect to the Company’s disclosure of certain compensation-related perquisites. The Company, working with the assistance of outside counsel, is fully cooperating with the SEC and does not believe that the amounts involved are material to the Company’s financial position or results of operations.
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