Argo’s chair of strategic review departs ahead of $1.1bn Brookfield sale

Bermuda-based  Argo Group  International’s board member and chairman of its strategic review committee who represented Voce Capital, the re/insurer’s largest shareholder, has agreed to step down with immediate effect after “intense” six months ahead of  Argo’s $1.1 billion sale to Brookfield Reinsurance.

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. He was appointed to the board on August 4, 2022.

Plants is founder and chief investment officer of Voce Capital Management, Argo’s largest shareholder.

Argo has recently entered into a definitive merger agreement whereby Brookfield Reinsurance will acquire Argo in an all-cash transaction valued at $30.00 per common share (approximately $1.1 billion). In connection with the transaction, Voce entered into a voting and support agreement whereby Voce agreed to vote all of the common shares held by it in favour of the merger and take certain other actions, subject to the terms and conditions of the voting and support agreement.

The Brookfield acquisition follows the recent closing of the sale of Argo Underwriting Agency and its Lloyd’s Syndicate 1200 to Westfield, which had been announced on September 8, 2022.

“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 endeavours. Following the successful completion of Argo’s strategic review process, which resulted in a transaction that maximizes 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,” said Plants. “I wish my Board colleagues, and the entire Argo team, all the best in their onward journey.”

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