Argo Group International Holdings Ltd., (Nasdaq GS: AGII), an
international underwriter of specialty insurance and reinsurance
products in niche areas of the property and casualty market, today
announced that Jay S. Bullock will join Argo Group as chief financial
officer.
Mr. Bullock, 43, will be based in Bermuda and will report directly to
Argo Group president and chief executive officer Mark E. Watson III.
“I am delighted to welcome Jay to Argo Group,”
said Mr. Watson. “His extensive experience
advising companies in the financial services sector and in-depth
knowledge of the insurance industry will be invaluable as we continue to
evolve as a leading international specialty underwriter.
“Jay and I will work closely as we continue to
build an organization focused on the foundations of specialization and
underwriting discipline,” added Watson. “Jay's
experience with all elements of capital structure will be particularly
important as we look to most effectively and efficiently deploy our
existing resources and position the company for future growth. In
addition, with our recent expansion, Jay will focus on assessing the
needs of the Finance function at Argo Group with a view to establishing
an organizational structure that supports our continued profitable
growth on an international scale.
“I want to take this opportunity to thank Mark
Haushill for assuming the responsibilities of interim Group CFO as we
conducted our search to fill this critical role at the Company. As CFO
of our U.S. operations, Mark will work with Jay and me as we structure
the Finance function group-wide.”
“This is a great time to be joining this
dynamic organization,” said Mr. Bullock. “Mark
Watson and I have worked together for several years and he and his team
have established an impressive track record for thoughtful and diligent
execution of the Company’s strategic plan.
Expanding beyond its well-established roots in the U.S. specialty
business through the merger with PXRE Group Ltd. and the acquisition of
Heritage Underwriting Agency plc, Argo Group has built a multi-faceted
and competitive business platform. I am very pleased to have the
opportunity to contribute to the organization’s
further success.”
Jay Bullock’s appointment will be effective
May 13, 2008. He joins Argo Group from Bear, Stearns & Co. Inc. where he
was senior managing director and head of Bear Stearns’
Insurance Investment Banking Group. Focusing on the insurance sector for
over 20 years, he advised on a number of company acquisitions, mergers
and sales as well as all forms of public and private financings and
restructurings. While at Bear Stearns, Mr. Bullock was an advisor to
Argonaut Group, Argo Group’s predecessor
company, on a number of transactions. Over the years, Mr. Bullock has
advised in situations across all areas of the property casualty and life
insurance business with a significant degree of experience with
companies that compete in specialty areas of the property casualty
sector.
Prior to joining Bear Stearns in 2000, Mr. Bullock was a managing
director at First Union Securities. He is an honors graduate of Southern
Methodist University and received his MBA from The McColl School of
Business, Queen’s College, Charlotte, North
Carolina. Mr. Bullock also holds the designation of Certified Public
Accountant (CPA).
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Headquartered in Hamilton, Bermuda, Argo Group International Holdings,
Ltd. (Nasdaq GS: AGII) is an international underwriter of specialty
insurance and reinsurance products in the property and casualty market.
Argo Group offers a full line of high-quality products and services
designed to meet the unique coverage and claims handling needs of
businesses in three primary segments: Excess and Surplus Lines,
Commercial Specialty, and International Specialty. Information on Argo
Group and its subsidiaries is available at www.argolimited.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain statements that are “forward-looking
statements” within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, as amended. Such statements are qualified by the inherent
risks and uncertainties surrounding future expectations generally and
also may materially differ from actual future experience involving any
one or more of such statements. For a more detailed discussion of such
risks and uncertainties, see Argo Group's filings with the SEC. The
inclusion of a forward-looking statement herein should not be regarded
as a representation by Argo Group that Argo Group's objectives will be
achieved. Argo Group undertakes no obligation to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise.
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