Having been under pressure for much of the past year to change the make-up of its board, Argo Group International Holdings has announced two board nominees ahead of its annual meeting.

The news comes only days after Thomas Bradley was named as chairman-elect, to succeed Gary Woods, and the appointment of Carol McFate to the board this month.

Argo and Voce Capital Management have jointly agreed upon the nominees of Bernard Bailey and Fred Donner. This was done as part of a co-operation agreement between Argo and the San Francisco hedge fund.

As an activist shareholder, Voce has been calling for changes to the board of the Bermudian-based re/insurer.

“Through ongoing consultation with Voce, as well as other shareholders, we are making meaningful progress in our efforts to refresh, enhance and strengthen Argo’s board of directors,” Mr Bradley said.

“Bernard and Fred bring to the board a great wealth of complementary experience in the insurance industry, finance and corporate governance domains. We look forward to welcoming them to the board and are confident they will provide valuable perspective as we continue to position the company for future success.”

J. Daniel Plants, founder and chief investment officer of Voce, said: “We wish to thank the Argo Board, and particularly chairman-elect Tom Bradley and CEO Kevin Rehnberg, for their open and constructive approach throughout this process.

“As Argo’s fourth-largest shareholder, we strongly believe in its potential and the nomination of these two excellent director candidates represents another positive step forward for the company.

“Our focus remains on creating value for all Argo shareholders, and we will continue to collaborate closely with the company’s new board and executive leadership in this pursuit.”

Argo has scheduled its annual meeting for April 16.