Operations/tech
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The severance package will be paid in three separate installments of $250,000 over the next 18 months. -
The activist investor’s statement comes as a reaction to Argo’s message to investors last Friday ahead of the carrier’s annual shareholder meeting.
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The carrier is urging shareholders to appoint all seven of its nominees to the board in an annual meeting next month, amid activist investor pressure.
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In addition, the executive will be eligible to participate in the company's long-term incentive program with a target grant date value of $11.1mn.
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Since joining the company in 2017, the executive has helped to spearhead a turnaround in performance for the carrier.
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The Bermudian claimed Ron Bobman and David Michelson’s directorship would ‘diminish’ the board’s capabilities and expertise.
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The likely windows for a secondary offering of Corebridge's common stock will be mid- to late March as well as mid-May to late June.
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In an interview, the CEO also addressed the carrier’s international expansion and portfolio remediation.
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The latest Gallagher Re InsurTech study shows that, beyond the biggest funding rounds in Q3, investment fell to its lowest level since early 2020.
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Argo is set to hold its annual meeting with shareholders on December 15, when seven nominees will be elected to the board.
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The activist reduced its position to 3.05% of the insurer from the ~6.6% stake it owned at the end of Q2.
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The company said longer term impacts of the pandemic, primarily significant prolonged inflation, have led to lower volumes of policies in force.
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