LONDON--(BUSINESS WIRE)--Argo Group International Holdings, Ltd. (NasdaqGS: AGII), an international underwriter of specialty insurance and reinsurance products, announced today it has appointed John Spencer as non-executive chairman of Argo Managing Agency, Ltd., which conducts business under the trade name, Argo International. Mr. Spencer, currently a non-executive director of the Argo International board, will replace David Spiller as non-executive chairman. Mr. Spiller has decided to step down as chairman as he works to finalize another industry opportunity.
“Leading the board of Argo International has been a rewarding experience,” said Mr. Spiller. “Since joining the board in 2008, John has played a vital role and we’ve always envisioned that he would eventually step into the chairman role. He takes on this leadership position at an exciting time and will continue to provide strong support for the management team.”
Mr. Spencer’s appointment, which is effective immediately, is pending approval from the FSA and Lloyd’s. Mr. Spiller has agreed to stay on as a non-executive director while a search is conducted for a new director.
“As non-executive chairman, David was instrumental in charting the strategic direction of Argo’s Syndicate at Lloyd’s,” said Mark E. Watson III, president and chief executive officer of Argo Group. “I wish him tremendous success in his new endeavor. I will miss his leadership and insights but am delighted that John has agreed to continue where David left off.”
Mr. Spencer has served as a non-executive director of the Argo International board since 2008. He also sits on the boards of Ultimate Risk Solutions LLC and Newline Underwriting Management Ltd., and is an advisory director of SFRi LLC. Previously, he was chief executive officer of BMS Group, the specialist insurance and reinsurance broker.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NasdaqGS: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of high-quality products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, Reinsurance, and International Specialty. Argo’s insurance subsidiaries are A. M. Best-rated 'A' (Excellent) (third highest rating out of a 16 rating classifications) with a stable outlook, and Argo’s U.S. insurance subsidiaries are Standard and Poor’s-rated 'A-' (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.argolimited.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and also may differ materially from actual future experience involving any one or more of such statements. For a more detailed discussion of such risks and uncertainties, see Argo Group's filings with the SEC. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo Group that Argo Group's objectives will be achieved. Argo Group undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.