Argo

The Bermudian has put its corporate jet up for sale in wake of public criticism over expenses.

Argo reported an operating loss of $2.15/sh, including a $114mn underwriting loss that was mainly the result of a $77mn reserve charge tied to its London, Bermuda, and European operations.

Argo continued to drip feed details of its negotiated settlement with activist Voce, with two new board members.

Dr Bernard Bailey and Fred Donner will stand for election at the Argo annual shareholders meeting on 16 April.

Argo announced the widely expected permanent appointment of Kevin Rehnberg to the CEO position. It also announced that former Allied World CFO Tom Bradley had been made chairman of the board.

The leadership moves come after a year of activist investor-driven turmoil at the carrier.

Interim CEO Kevin Rehnberg begins his tenure in time-honored tradition when taking over a P&C company at a “challenging” time: reserve charges, impairment charges and higher loss picks.

Interim CEO Kevin Rehnberg said the results were “clearly unacceptable”.

The former AIG treasurer’s appointment as a director came as part of a truce with activist investor Voce Capital.

Paragon insurance will acquire the business, which will continue to write on Argo paper.

The executive joins Verus after about 20 years with Bermudian carrier Argo.

The Bermudian carrier’s retreat from Miami follows similar moves by Brit and Aspen.