Argo Group International Holdings, Ltd., an insurance company based in Bermuda, agreed to settle the charges against it by the Securities and Exchange Commission (SEC).
The Commission alleged that Argo failed to fully disclose the benefits and perquisites it provided to its former chief executive officer (CEO).
In its proxy statements for 2014 until 2018, Argo disclosed that it gave a total of approximately $1.2 million in perquisites and personal benefits, primarily retirement and financial planning benefits to its then CEO.
The insurance company did not disclose more than $5.3 million it paid on behalf of the CEO including personal use of corporate aircraft, helicopter trips other personal travel, housing costs, transportation for family members, personal services, club memberships as well tickets and transportation to entertainment events.
The SEC found that Argo understated the perks and personal benefits paid to its former CEO by $1 million or 400 percent per year during the relevant period.
