It follows news that Brookfield Reinsurance will buy the group in a $1.1 billion merger
Argo Group has announced that J Daniel Plants, a member of the Argo Board of Directors and chairman of its Strategic Review Committee, has notified the company of his intention to step down from the Board, effective immediately.
It follows the news that Brookfield Reinsurance and Argo Group have agreed to a $1.1 billion merger.
The Brookfield acquisition follows the recent closing, on February 2, 2023, of the sale of Argo Underwriting Agency Limited and its Lloyd’s Syndicate 1200 to Westfield, which had been announced on September 8, 2022.
Plants is founder and chief investment officer of Voce Capital Management LLC, Argo’s largest shareholder. He was appointed to the Board on 4 August 2022 to oversee the re/insurance company’s strategic review process and its hunt for a buyer.
“Last week’s announcement that Argo will be acquired by Brookfield Reinsurance concludes an intense, and productive, six months since I joined the Board with the stated purpose of assisting in these crucial endeavors,” said Plants.
”Following the successful completion of Argo’s strategic review process, which resulted in a transaction that maximises value for all shareholders, now is the right time for me to relinquish my Board seat so that I may redirect my efforts to other priorities.”
“Since joining the Board and assuming the role of Chairman of the Strategic Review Committee last year, Dan has been instrumental in helping Argo successfully execute its strategic review process,” said Thomas Bradley, Argo’s executive chairman and chief executive.
“On behalf of the entire Board, I would like to express our appreciation for his leadership throughout his tenure on the Board and his insights and support over the years as a longtime Argo shareholder.”