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COVID, weather catastrophes take toll on insurer Argo Group


COVID, weather catastrophes take toll on insurer Argo Group s 2020 financial results
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Kevin J. Rehnberg is CEO of Argo Group International Holdings Ltd., a specialty insurer that has its U.S. headquarters in San Antonio.Courtesy
Weather-related catastrophe claims and the effects of the coronavirus caused losses to swell at Argo Group International Holdings Ltd., the specialty insurer that has its U.S. headquarters in San Antonio.
The Bermuda-based company reported it lost $71.9 million, or $2.21 a share, on nearly $1.89 billion in revenue last year. By comparison, it lost $8.4 million, or 25 cents a share, on $1.97 billion in revenue in 2019.
“We did not achieve our financial targets for 2020,” Argo CEO Kevin J. Rehnberg told analysts on a conference call Thursday. ....

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Securities regulators fine ex-Argo CEO Mark Watson $450,000


Ex-Argo CEO Watson paying $450,000 fine to settle with SEC
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Mark E. Watson III is the former chief executive of Argo Group International Holdings Ltd., a Bermuda-based specialty insurer that has its U.S. headquarters in San Antonio. Watson retired from Argo in November of last year after the Securities and Exchange Commission subpoenaed the company for documents relating to the insurer’s disclosures about executive perks. The SEC subsequently found Argo failed to disclose $5.3 million in perks awarded to Watson. He agreed to pay the SEC a $450,000 fine.File photo
Mark E. Watson III, the former CEO and president of a specialty insurer that has its U.S. headquarters in San Antonio, will pay a $450,000 fine related to more than $5.3 million in executive perks and personal benefits the company awarded him but were not disclosed. ....

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