Argo confirms Rehnberg as permanent CEO until 2023

Bermuda-based Argo Group International Holding has confirmed Kevin Rehnberg as its permanent CEO until February 2023, who initially filled in the top position following the shock departure of Mark Watson III.

Rehnberg's appointment is effective as of February 18, 2020 and shall continue until February 18, 2023. He will receive an annual base salary of no less than $975,000, Argo said in a US Securities and Exchange Commission (SEC) filing.

In addition to the base salary, the executive will be eligible to earn annual cash incentive awards and long-term incentive awards contingent upon the achievement of specific objectives as established by the company. The executive will also be entitled to get an additional compensation, including the medical, welfare and health insurance benefit, as well as "reasonable vacations". The company will also reimburse for all reasonable and necessary business expenses incurred by him in the performance of his duties during the employment period.

Watson stepped down from his position, which he held since January 2000, after the SEC issued a subpoena to investigate the company in relation to the non-disclosure of certain compensation-related perquisites. Rehnberg stepped in as interim chief executive officer in November 2019.

Since January, 2019, Rehnberg has been president, Argo Group US, head of the Americas and chief administrative officer. Prior to that, he was president of Argo’s US operations, overseeing all activities of the company's US-based business segments.

Rehnberg joined the company in 2013 from OneBeacon Insurance, where he served as executive vice president for specialty lines. He has also held positions at the St. Paul Travelers Companies, Liberty International and Chubb Corporation.