Argo Group says Voce making 'false and misleading' statements about company
Argo Group International Holdings issued the following statement in response to the most recent press release from Voce Capital Management: "Voce Capital continues to make false and misleading statements about our Company. It is clear that Voce's intent is to distract investors from our proven track record of delivering value for shareholders. Like so much of Voce's poorly researched narrative, this latest representation is simply wrong. The properties identified in Voce's press release are not corporate housing, but rather part of our investment property portfolio: they are income-producing assets purchased in connection with a Section 1031 like-kind real estate exchange following the sale of a commercial property in California. Furthermore, Voce raises the same allegations that we addressed in our previous letter to shareholders issued on April 12, 2019. Unlike the suppositions presented by Voce, the Company presented facts which clearly discredit Voce's allegations. As previously stated, we have spent on average less than a million dollars per year over the past five years for named sponsorships, including those identified in Voce's April 24, 2019 press release. Additionally, the flight log Voce refers to is for an aircraft that was neither owned by Argo, nor exclusively used by Argo. Lastly, when our executives use corporate aircraft for personal trips, they do so at their own expense. We are committed to an open and constructive dialogue with all our investors. We are well positioned to deliver substantial and enduring value for our shareholders and look forward to updating them on our first quarter 2019 earnings results call."