ARGO - Argo Group Capital Returns proxy contest heats up before annual meeting

Argo Group International Holdings ( NYSE: ARGO ) is urging its shareholders to back its slate of directors at the company's annual meeting scheduled for Dec. 15, saying that the candidates nominated by activist investor Capital Returns would "not add valuable skills or diversity to our board."

The insurance company said it is already executing suggestions that Capital Returns had previously ranged, including refreshing its board and exploring strategic alternatives.

Capital Returns, meanwhile, urges Argo ( ARGO ) shareholders to vote for its nominees, Ronald Bobman and David Michelson.

"In light of the company’s poor financial and longstanding stock price underperformance under the oversight of the current board, we strongly believe that the board requires additional skills and expertise to ensure that the company is configured and operated in a manner that maximizes value for shareholders. We believe that the board will benefit from our nominees’ financial and insurance expertise as well as their track records of value creation.," it said in a recent filing .

In the past year, Argo ( ARGO ) stock has slumped 55% compared with the S&P 500's ( SP500 ) 15% decline.

In September, Argo ( ARGO ) shares gained after a report that it restarted a sales process .

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