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Argo Group International Holdings Ltd. said Friday that Voce Capital Management LLC continues to misrepresent Argo in the companies’ ongoing dispute after Voce nominated directors for election to Argo’s board.
The latest exchange follows news that Voce had taken a 5.8% stake in Argo and was taking issue with the company’s management.
Argo fired back late Friday.
“While Voce Capital Management LLC (Voce) continues to disseminate and publish ad hominem attacks, our directors and management team are focused on executing a compelling long-term, value-enhancing strategy,” Argo said in its statement.
“Our shareholders are seeing the results and track record of value creation,” Argo continued, noting its returns have “outperformed both peers and the S&P 500 over the past one, three, and five years.”
Argo said it hoped Voce would make its updated slate of nominees available to participate in interviews with Argo’s board’s independent nominating committee “to evaluate their qualifications and experience – as would be the case for any shareholder-nominated candidate.”
Argo then reiterated its displeasure with Voce’s approach.
“Voce’s misleading attacks are designed to grab attention, but do nothing to build shareholder value, which the current Board has proven it can do. We look forward to updating our shareholders on our continued strategic and financial progress,” the Argo statement said.
Voce has nominated Bernard C. Bailey, Charles H. Dangelo, Admiral Kathleen M. Dussault, Carol A. McFate and Nicholas C. Walsh as independent directors and has set up a website to press its case for change at Argo.
Brazilian insurer Argo Seguros Brasil S.A. plans to focus on commercial property/casualty and consumer lines as part of its restructuring plans, Segs.com reported. Jorge Luiz Cazar, head of Latin America at Argo, said that the insurer also plans to offer new products and services in the digital segment.