(Reuters) – An activist hedge fund on Tuesday nominated five directors and urged insurance company Argo Group International Holdings Ltd to cut $100 million in expenses, including corporate jets and housing for its chief executive. Voce Capital Management LLC wants Argo shareholders to back its plan to double return on equity at the company’s annual meeting next month, saying the current board is responsible for a “culture of indulgence,” according to a securities filing, seen by Reuters.
Hedge fund Voce urges Argo to slash expenses, nominates five directors
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