Voce Capital Presents Five Fully Independent Director Nominees for Election to Argo Board

Highly-Qualified Slate Includes Bernard C. Bailey, Charles H. Dangelo,
Rear Admiral (ret) Kathleen M. Dussault, Carol A. McFate and
Nicholas C. Walsh

Voce’s Nominees Possess the Right Mix of Domestic and International
Insurance Industry Experience, Corporate Governance Credibility and
Track Records of Successful Capital Allocation Oversight to Help “Right
the Ship” at Argo

Argo Has Failed to Meaningfully Address Any of the Many Troubling
Examples of Misuse of Corporate Assets Raised by Voce in Recent Detailed
Letter to Shareholders

Voce Encourages Shareholders to Visit www.Argo-SOS.com
for Additional Information – Including Screenshots of Argo’s “CEO
Website” That Argo Has Tried to Conceal From Shareholders

SAN FRANCISCO–(BUSINESS WIRE)–Voce Capital Management LLC (“Voce”), the beneficial owner of
approximately 5.6% of the shares of Argo Group International Holdings,
Ltd. (NYSE:ARGO) (“Argo” or the “Company”), today presented its slate of
five highly-qualified, independent candidates (the “Nominees”) for
election to the Board of Directors (“the Board”) at the Company’s 2019
Annual Meeting. The Voce slate is comprised of Bernard C. Bailey,
Charles H. Dangelo, Admiral Kathleen M. Dussault, Carol A. McFate and
Nicholas C. Walsh. All of the Nominees are independent and none have any
business or financial relationship with Voce.

Recently, Voce released a detailed public letter
outlining why it believes the only pathway for Argo to create
sustainable, long-term shareholder value is through dramatic improvement
in Argo’s return on equity (“ROE”) – and why in order to accomplish
this, meaningful changes to the Company’s strategy and expense structure
are urgently required. Of particular concern are Argo’s highly
inappropriate corporate expenses, including personal use of corporate
aircraft and housing, vanity sponsorships and many other frivolous
expenditures that support the extravagant lifestyle and hobbies of the
Company’s CEO at the expense of shareholders.

Voce issued the following statement in connection with the presentation
of its Nominees:

Voce believes that Argo’s current Board is directly responsible for the
Company’s wasteful, spendthrift culture, and that its failure to check
the impulses and profligacies of the CEO reveals a complete corporate
governance shipwreck. The Board’s shortcomings result from its lack of
independence, dearth of relevant experience and misalignment with
shareholders – deep-rooted issues that can only be addressed by the
addition of fresh perspectives brought by independent Directors
nominated by shareholders, not management.

In the nearly two weeks since our public letter, the Company has failed
to meaningfully address a single one of the many examples of misuse of
corporate assets that we painstakingly researched and chronicled. We
believe that our outstanding Director Nominees can help “Right the Ship”
at Argo by ensuring that the Company is being run for the benefit of all
shareholders, as opposed to a select few.

Voce today also announced the launch of a website, www.Argo-SOS.com,
where shareholders can receive additional information about the Nominees
and Voce’s campaign for shareholder value at Argo. Following the
publication of Voce’s shareholder letter which identified the
purportedly “personal” website of Argo’s CEO that is actually owned and
managed by Argo, the Company publicly admitted that it took down the
website within hours of Voce’s letter. Representative sample screenshots
of that website – www.mewiii.com
– are available at www.Argo-SOS.com.

The Nominees

Bernard C. Bailey, Ph.D: Dr. Bailey is highly qualified to
serve on the Board of the Company based on his successful leadership of
multiple public and private companies in the roles of Chief Executive,
Chairman and Director, and his significant experience in finance and
corporate governance.

Dr. Bernard Bailey’s career spans over three decades of business and
management experience. Since September 2018, he has served as President
of the Committee for Economic Development (“CED”), a business-led,
nonpartisan economic think tank. Prior to CED, he served as Chairman and
CEO of Authentix, a private equity-backed global enterprise. Since its
sale by the Carlyle Group to Blue Water Energy, he has continued to
serve as Chairman of the Board of Authentix. Prior to that, he ran his
own consulting company, Paraquis Solutions, LLC. Dr. Bailey also served
as President and CEO of Viisage Technology, Inc. (Nasdaq: VISG), where
under his four years of leadership, Viisage’s market capitalization grew
from $60 million to over $1 billion. During that period, the company
executed nine acquisitions, eventually culminating in the formation of
L1 Identity Solutions (NYSE: ID). Dr. Bailey’s additional experience
includes various executive roles, including COO at Art Technology Group,
and a variety of finance, sales, marketing and operations positions at

Since 2006, Dr. Bailey has served on the Board of Telos Corporation,
where he chairs the Audit and Strategy committees. Dr. Bailey recently
served as Director on the Board of Analogic Corp (Nasdaq: ALOG) from
October 2010 to June 2016 and as the Chairman from June 2016 until
Analogic was sold to Altaris Capital Partners in June 2018 for $1.1
billion. He also serves as a Director of Mission Critical Partners; as
an Advisory Board Member for Egis Capital Partners, a private equity
investment fund focused on the security industry; on the Board of
Advisors for the US Naval Academy Athletic and Scholarship Foundation;
as a Trustee for Trout Unlimited; and as an adjunct faculty member in
the Weatherhead School of Management at Case Western Reserve University,
where he teaches general management and strategy classes to graduate

Dr. Bailey has written and spoken extensively on corporate governance
issues, and has served as a financial expert witness in Delaware’s Court
of Chancery. Dr. Bailey earned his Ph.D. in Management from Case Western
Reserve University where his dissertation focused on corporate
governance, and also earned an MBA from The George Washington University
School of Business as well as degrees in engineering and systems
management from the University of California, Berkeley, University of
Southern California, and the United States Naval Academy.

Charles H. Dangelo: Based on Mr. Dangelo’s extensive
experience serving in various senior management roles at leading global
insurance companies and the insurance and risk management business
acumen acquired therein, as well as his many roles serving in
leadership, operational and management capacities in the insurance
industry, we believe he is highly qualified to serve as a Director of
the Company.

Charles H. Dangelo most recently served in a variety of senior executive
and director roles at subsidiaries of Starr Companies from February 2009
to January 2018, including, as President and COO of Starr Insurance
Holdings, Inc. from December 2012 to January 2018; President, CEO and
Director of Starr Indemnity & Liability Company from 2009 to January
2018; President, CEO and Director of Starr Surplus Lines Insurance
Company from 2009 to January 2018; and Vice Chairman of Bermuda-based
Starr Insurance & Reinsurance Limited from 2009 to January 2018. At
Starr, Mr. Dangelo played a pivotal role in growing the scale and
performance of Starr’s insurance operations, including by developing
numerous distinct business units and practices. From 1995 to 2009, Mr.
Dangelo served in various senior management roles at American
International Group (NYSE: AIG), a global insurance and financial
services holding corporation, including as the Head of Global
Reinsurance from 2005 to 2009. Mr. Dangelo began his professional career
at CNA Insurance (Nasdaq: CNA), a leading commercial property and
casualty insurance company, where he eventually became Senior Vice
President of National Accounts, building expertise in insurance
underwriting while managing large, complex risks for major accounts,
from 1971 to 1995.

Mr. Dangelo served on the Board of Starr Insurance and Reinsurance
Limited from March 2009 to January 2018. During his tenure at AIG, he
also served on the boards for most of AIG’s domestic property & casualty

Mr. Dangelo received a B.A. in Mathematics, summa cum laude, from
the University of Illinois Chicago. He has been a fellow of the Casualty
Actuarial Society since 1977. He was also an honoree at the UJA General
Insurance Annual Dinner in 2016.

Rear Admiral (ret) Kathleen M. Dussault: Admiral Dussault’s
qualifications to serve as a Director include her outstanding leadership
skills honed over decades of distinguished service in the United States
Navy, extensive experience in facilities and operational management in
both the public and private sectors, and her track record of increasing
the responsibility and accountability of leading organizations with
global reach.

Admiral Kathleen M. Dussault is a former Senior Executive in the United
States Navy, having served in a variety of leadership positions during
34 years of distinguished military service. Admiral Dussault served as
Senior Vice President for Corporate Services of the United Services
Automobile Association (USAA) from 2013 to 2014, where her
responsibilities included management of USAA’s fleet of corporate
aircraft. Her military experience includes the following: Director,
Logistics Programs and Corporate Operations in the Office of the Chief
of Naval Operations where she oversaw the planning and implementation of
a multi-billion dollar budget resulting in improved financial management
and decision making across the Naval enterprise; Commander, Joint
Contracting Command in Iraq and Afghanistan, where she was responsible
for all contracting in support of 150,000 US Forces deployed in Iraq and
Afghanistan, overseeing over $7 billion of commodity, services and
construction capabilities; Deputy Assistant Secretary of the Navy for
Acquisition and Logistics Management, where she oversaw the performance
and credentialing of an acquisition workforce of over 8,000 contracting
professionals, developing policy and governance for approval of
acquisition plans, strategies and post-award execution of contracting
actions in excess of $70 billion; Director, Defense Logistics Agency
Acquisition, where she held overall acquisition management
responsibilities for the agency, including an annual agency acquisition
program exceeding $38 billion. She also spent time in Afghanistan
focused on anti-corruption practices for the military’s contracting

Admiral Dussault served on the Board of the Military Officers
Association of America, with a membership of 350,000, as a member of the
Government Relations Committee and Chairman of the Governance Committee
from August 2012 to October 2018. From 2012 to 2014, she served on the
Board of Advisors at The Kirlin Group, a leading construction company
providing design/build, construction management and fire protection

Admiral Dussault earned an M.S. in National Resource Management from the
Industrial College of the Armed Forces, an M.S. in Contracts and
Procurement Management from Saint Mary’s College and a B.A. in American
Government from the University of Virginia. She has also completed the
Senior Executive Program at Columbia University Graduate School of

Carol A. McFate, CFA: Ms. McFate is highly qualified to serve
as a director of the Company based on her skillful cost-reduction
efforts and prudent management of over $12 billion in retirement assets
at Xerox and decades of experience as a senior financial executive at
major insurance companies where she spearheaded efforts focused on
improving long-term risk management and budgeting.

Carol A. McFate served as the Chief Investment Officer of Xerox
Corporation (NYSE: XRX), a global provider of print and digital products
and services, where she oversaw over $12 billion in retirement
investment assets for North American and U.K. plans, from November 2006
to October 2017. Prior to Xerox, Ms. McFate served as Executive Vice
President & Global Treasurer for XL Global Services, Inc., a US-based
subsidiary of XL Capital, Ltd., a leading Bermuda-based global insurance
and reinsurance company, from January 2003 to November 2006. Previously,
Ms. McFate held various positions with AIG and The Prudential Insurance
Company of America, a major, diversified insurance and financial
services company.

Ms. McFate has been recognized throughout her career for her exemplary
professional achievements, including with a Corporate Plan Sponsor
Industry Innovation Award from Chief Investment Officer Magazine,
a print and digital international finance magazine, in 2012 and being
named to the Chief Investment Officer Power 100 by the Chief Investment
Officer Magazine, from 2011 to 2016. Ms. McFate has also been honored by Institutional
, a leading global finance magazine, focused primarily on
international finance and known for its extensive industry research and
rankings, in 2014, winning two awards: the Investor Intelligence Network
Thought Leadership Award and the Small Corporate Plan Sponsor Award. She
also served on the Board of Trustees for Parsons Dance Foundation and
The Katharine Hepburn Cultural Arts Center.

Ms. McFate earned an MBA from Harvard Graduate School of Business
Administration and a B.S. in Economics from Juniata College. She is also
a Chartered Financial Analyst.

Nicholas C. Walsh: Mr. Walsh’s broad spectrum of experience
serving in numerous capacities at AIG, his experiences as a director on
the boards of large insurance businesses as well as the expertise and
management and leadership skills he honed during his time as an
international C-suite insurance executive make him a highly-qualified
director candidate.

Mr. Walsh served in a variety of underwriting, distribution and senior
management roles at AIG over his 40+ year tenure there, including most
recently as Vice Chairman of AIG Property Casualty Inc. from April 2012
to September 2014. Prior to that, he served as an Executive Vice
President of AIG Inc. and President of American International

Mr. Walsh has been a Director at Jardine Lloyd Thompson Group plc (LSE:
JLT) (“JLT”), a London-based multinational insurance broker, since
October 2014. Mr. Walsh is a member of the Remuneration, Compensation
and Audit and Risk committees. He also serves as member of the Board of
JLT’s US Specialty business where he is the Chairman of the Audit and
Risk Committee and as a Director of JLT’s US Reinsurance business where
he is the Chairman of the Audit and Risk Committee and attends meetings
of the Executive Committee. Mr. Walsh previously served as a Director of
AIG Property and Casualty Inc., Chairman of American International
Underwriters Overseas Ltd., Director of American International
Reinsurance Company Ltd. (AIRCO), Chairman of the Supervisory Board of
AIG Europe SA, Chairman of AIG Europe Ltd., Chairman of AIG South East
Asia Ltd., and Director of Tata-AIG General Insurance Company. Mr. Walsh
also served as a Director of Ascot Underwriting Ltd., a Lloyd’s
syndicate. He continues to serve on the Advisory Board of Norton Rose

Mr. Walsh served as President of the American Friends of Wellington as
well as a Director of The Japan Society, a member of the Seoul
International Business Advisory Council, The Transatlantic Business
Dialogue, The US-Japan Business Council and the Business Advisory
Council for a previous London Mayor. He is the recent Chairman and
currently an Advisory Director of British American Business Inc., and
immediate past Chairman and currently a Director of the St. Paul’s
Cathedral Trust in America and a Director of The Episcopal Charities of
New York.

Mr. Walsh was educated at Wellington College before studying Business
Administration and Management at CEPAC.

About Voce Capital Management LLC

Voce Capital Management LLC is a fundamental value-oriented,
research-driven investment adviser founded in 2011 by J. Daniel Plants.
The San Francisco-based firm is 100% employee-owned.

Additional Information and Where to Find It

Voce Catalyst Partners LP, Voce Capital Management LLC, Voce Capital
LLC, and J. Daniel Plants, (collectively, the “Participants”) intend to
file with the Securities and Exchange Commission (the “SEC”) a
definitive proxy statement and accompanying form of proxy to be used in
connection with the solicitation of proxies from the members of Argo
Group International Holdings, Ltd. (the “Company”). All members of the
Company are advised to read the definitive proxy statement and other
documents related to the solicitation of proxies by the Participants
when they become available, as they will contain important information,
including additional information related to the Participants and
information about the Participants’ director nominees. The definitive
proxy statement and an accompanying proxy card will be furnished to some
or all of the Company’s stockholders and will be, along with other
relevant documents, available at no charge on the SEC website at http://www.sec.gov/.

Cautionary Statement Regarding Forward-Looking Statements

All statements contained in this press release that are not clearly
historical in nature or that necessarily depend on future events are
“forward-looking statements,” which are not guarantees of future
performance or results, and the words “anticipate,” “believe,” “expect,”
“potential,” “could,” “opportunity,” “estimate,” “plan,” and similar
expressions are generally intended to identify forward-looking
statements. The projected results and statements contained in this press
release that are not historical facts are based on current expectations,
speak only as of the date of this press release and involve risks that
may cause the actual results to be materially different. In light of the
significant uncertainties inherent in the forward-looking statements,
the inclusion of such information should not be regarded as a
representation as to future results. Voce disclaims any obligation to
update the information herein and reserves the right to change any of
its opinions expressed herein at any time as it deems appropriate. Voce
has not sought or obtained consent from any third party to use any
statements or information indicated herein as having been obtained or
derived from statements made or published by third parties.


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