Argo Files Investor Presentation

Details Company’s Strong Track Record and Continued Efforts to Drive
Growth and Value for Shareholders

Corrects Voce’s Continued Falsehoods

Voce’s Proposed “Plan” Reveals Lack of Experience in Insurance
Company Operating Strategies or Execution Challenges

Recommends Shareholders Vote the WHITE Proxy Card in Support of
Argo’s Highly Qualified Slate of Directors

HAMILTON, Bermuda–(BUSINESS WIRE)–Argo Group International Holdings, Ltd. (NYSE: ARGO), an international
underwriter of specialty insurance and reinsurance products in the
property and casualty market, today filed a presentation with the U.S.
Securities and Exchange Commission detailing the Company’s strong track
record, continued efforts to create shareholder value, and best-in-class
Board and corporate governance. The presentation also responds to Voce
Capital’s continued, false and misleading claims.

The presentation and additional information related to Argo’s 2019
Annual Meeting of Stockholders can be found by visiting Argo’s
Investor Relations website.

Presentation highlights include:

• Argo’s operating strategy is delivering superior shareholder
  returns. In Q1 2019, Argo achieved annualized GAAP ROAE of 20.1%¹.
  The 9.1% annualized adjusted operating ROAE for the quarter, a 100
  basis point improvement year-over-year, reflects strong momentum. Argo
  has also delivered robust total shareholder return relative to peers.
  • Argo 1-year total shareholder return of 35.9% vs. peer median²
    of 11.8%
  • Argo 3-year total shareholder return of 88.8% vs. peer median²
    of 43.8%
  • Argo 5-year total shareholder return of 164.5% vs. peer median²
    of 74.0%
• Argo’s Board has the critical expertise and independence needed to
  continue providing the necessary oversight and protect shareholder
  value. The Board has the necessary mix of skills to oversee near-
  and long-term strategy, including deep insurance industry knowledge,
  significant finance, technology and capital markets expertise and
  business operations backgrounds.
• The Board is committed to proactive refreshment and best-in-class
  corporate governance. Argo is undergoing an effective board
  refreshment process that is deliberate, well-crafted, and introduces
  fresh thinking, all while driving continued performance in key
  elements of a successful strategy. This is exemplified by the five new
  independent members added in the past three years.
• Voce’s proposed “plan” reveals a lack of experience in insurance
  company operating strategies or execution challenges. Voce’s
  “plan,” including the inaccurate financial metrics in its recent
  presentation, is absurd, consisting of nothing more than speculation
  and fictional scenarios.

“Argo’s Board has overseen the Company’s successful transformation from
a domestic insurer specialized in workers’ comp to a global underwriter
of specialty insurance and reinsurance, paving the way for Argo’s
superior shareholder returns,” said Argo Independent Chairman Gary
Woods. “Our operating strategy has been deliberately constructed to
deliver for shareholders and our positive financial outlook supports
continued value creation.”

Argo urges shareholders to vote the WHITE proxy card “FOR” all of the
Company’s highly qualified director nominees in connection with Argo’s
Annual Meeting of Shareholders, which is scheduled to be held on May 24,
2019. Argo shareholders of record as of the close of business on March
11, 2019 will be entitled to vote at the Annual Meeting.

ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

Argo Group International Holdings, Ltd. (NYSE: ARGO) is an international
underwriter of specialty insurance and reinsurance products in the
property and casualty market. Argo Group offers a full line of products
and services designed to meet the unique coverage and claims handling
needs of businesses in two primary segments: U.S. Operations and
International Operations. Argo Group’s insurance subsidiaries are A. M.
Best-rated ‘A’ (Excellent) (third highest rating out of 16 rating
classifications) with a stable outlook, and Argo Group’s U.S. insurance
subsidiaries are Standard and Poor’s-rated ‘A-‘(Strong) with a positive
outlook. More information on Argo Group and its subsidiaries is
available at www.argolimited.com.

ADDITIONAL INFORMATION

Argo Group International Holdings, Ltd. (“Argo Group”) has filed a
definitive proxy statement and WHITE proxy card with the U.S. Securities
and Exchange Commission (the “SEC”) in connection with its solicitation
of proxies for its 2019 Annual General Meeting of Shareholders (the
“2019 Annual General Meeting”). ARGO GROUP SHAREHOLDERS ARE STRONGLY
ENCOURAGED TO READ THE DEFINITIVE PROXY STATEMENT (AND ANY AMENDMENTS
AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD WHEN THEY
BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION.
Shareholders may obtain the proxy statement, any amendments or
supplements to the proxy statement and other documents as and when filed
by Argo Group with the SEC without charge from the SEC’s website at www.sec.gov.

CERTAIN INFORMATION REGARDING PARTICIPANTS

Argo Group, its directors and certain of its executive officers may be
deemed to be participants in connection with the solicitation of proxies
from Argo Group’s shareholders in connection with the matters to be
considered at the 2019 Annual General Meeting. Information regarding the
identity of potential participants, and their direct or indirect
interests, by security holdings or otherwise, is set forth in the proxy
statement and other materials to be filed with the SEC. These documents
can be obtained free of charge from the sources indicated above.

¹ Annualized return on average shareholders’ equity (“ROAE”)
is calculated using average shareholders’ equity. In calculating ROAE,
the net income available to shareholders for the period is multiplied by
the number of periods in a calendar year to arrive at annualized net
income available to shareholders. The Company presents ROAE as a measure
that is commonly recognized as a standard of performance by investors,
analysts, rating agencies and other users of its financial information.

² Represents the median of operating peers, which include
Alleghany, American Financial, Arch, Axis, Global Indemnity, Hallmark,
Hanover, James River, Markel, Protective, RLI, Selective, and W.R.
Berkley. Total shareholder return includes the reinvestment of dividends
on the ex-date. Source: SNL Financial and FactSet. Market data as of
4/30/19.

Contacts

Argo Group International Holdings, Ltd.

Media:
David Snowden, 210-321-2104
Senior Vice
President, Group Communications
[email protected]

or

Investors:
Susan Spivak Bernstein, 212-607-8835
Senior
Vice President, Investor Relations
[email protected]

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