Bermuda headquartered international specialty insurance and reinsurance firm Argo Group has now named Kevin J. Rehnberg as its permanent CEO and appointed Thomas A. Bradley as its new Chairman.
Rehnberg took over as interim CEO at Argo on the departure of Mark Watson who retired from the position.
Rehnberg had previously held the roles of President, Argo Group U.S., Inc., head of the Americas and Chief Administrative Officer of the company since the beginning of 2019, before which he was President of Argo’s U.S. Operations, overseeing all U.S. business activities at Argo.
He takes on the permanent CEO position immediately and has also been nominated to stand for election to Argo’s board of directors.
Argo also announced the appointment of Thomas A. Bradley as the new chairman of the board of directors, to take over from current board chairman Gary V. Woods in April when he steps down.
Bradley has been a director for Argo Group since 2018, after he retired from Allied World Assurance Company Holdings AG in 2017, where he had served as chief financial officer and executive vice president since 2012.
“Tom joined the board with vast experience in numerous insurance industry leadership roles,” explained outgoing chair Woods. “His strategic vision for the business and intense focus on the highest standards of corporate governance will benefit our customers, shareholders and employees.
“We are also pleased that Kevin will serve as CEO on a permanent basis. He has demonstrated his abilities as a results-oriented leader. It has been an honor to serve as chairman, and I am confident we have the right leadership in place for the future.”
“On behalf of the entire board,” Bradley also said, “I would like to sincerely thank Gary for his commitment and contributions to Argo, providing leadership as the Company has expanded from a very small regional insurer generating approximately $300 million in gross written premium to a strong specialty insurer exceeding $3 billion in annual gross written premium.
“Argo Group is a solid company poised for prosperity in the specialty insurance marketplace,” said Bradley. “It is a privilege to serve as chairman working with the board and Argo’s leadership team to ensure the Company continues to deliver on its commitments to shareholders, clients and employees.”
“Kevin has led with confidence and integrity as interim CEO during a time of tremendous change,” Bradley said on the appointment of the new permanent CEO. “The board believes that as CEO, Kevin will lead Argo toward a stronger and more profitable future.”
“It is an honor to take on this role and collaborate with such a talented team,” Rehnberg added. “We will continue to serve our customers and partners – pursuing strong results through operational excellence and innovative solutions.”
Argo has been steadily ramping up its use of third-party reinsurance capital ever since it acquired Ariel Re, resulting in a situation where the company now experiences significant capital efficiencies through the use of lower-cost capital.