Voce Capital Management LLC opted to abandon its activist campaign as it lacked the shareholder support it needed for its proposals and director nominees, Argo Group International Holdings Ltd. said.
Voce withdrew its director nominees for the Argo board after two states revoked their proxy solicitation approval. The activist shareholder claimed that the insurer played an "active role" in lobbying several insurance departments. But Argo said it had not seen any of the notices, letters or materials exchanged between the activist shareholder and insurance departments.
Argo said the activist shareholder may not have taken all steps or disclosed all information required by the departments in a timely manner.
"It is unfortunate that Voce, having failed to address such rudimentary state regulatory requirements well in advance of beginning its campaign, now offers this as an excuse for its decision not to let its proposals proceed to a vote," Argo said in a news release.
Voce said it is looking into "all potential legal remedies" and will vote against Argo's director nominees.