Corporate Responsibility - Argo Group

Corporate Responsibility

Environmental, social and governance (ESG) factors are of significant importance to Argo Group and are embedded throughout the company’s operations. What’s more, it reinforces Argo’s commitment to its core mission: Helping businesses stay in business.

Argo established a Sustainability Working Group that coordinates sustainability and ESG activities and plans across the company. The Sustainability Working Group is sponsored at the board level and led by senior executives:

Sustainability Working Group Senior Executives

Risk Assessment

The Sustainability Working Group receives a detailed threat and opportunity analysis of the major sustainability risks facing the organization every six months and escalates key issues to the Enterprise Risk Management (ERM) Steering Committee. The Chief Risk Officer reports material sustainability-related issues directly to the Board Risk & Capital Committee on a quarterly basis as required. Material threats and opportunities tracked by the Sustainability Working Group currently include:

  • ESG Indices – recognizing the growing influence of ESG ratings on shareholder perceptions and keeping pace with disclosure expectations by enhancing our communication.
  • Climate change – classified by Argo Group as one of its material emerging risks, climate change is regularly monitored by the risk management function to assess its potential impact on the company’s business operations, insurance products and clients.
  • Diversity & Inclusion – ability of Argo Group to attract and retain the talent it needs to grow and develop its business, particularly related to its innovation and digital strategies. This is a key feature of our Human Resource strategy and an area of focus for the company,
  • Data Protection and Information Security – our dependency on information technology creates an exposure to cyberattack and potential loss of confidential information and our cyber protection program is constantly adapting to this threat landscape.
  • Governance – ensuring that corporate governance and executive remuneration practices keep pace with developing international best practice standards and stakeholder expectations.

Culture and Values

At Argo Group, we’re a global team with unmatched expertise in specialty insurance. Our employees embody the Core Values that help drive our behaviors and decisions every day:

  • We have the courage to do the right thing.
    We empower our employees to make the tough decisions necessary for success. Our actions are guided by a deep sense of ethics and a belief in the individual’s potential.
  • We apply original thinking.
    We bring new ideas to our clients with foresight and an innovative spirit. Our creativity, agility and intellectual curiosity enable the evolution of their businesses.
  • We are committed to our clients and to each other.
    We focus on understanding our clients’ needs with specialized expertise and compassion. We form strong connections to grow thriving businesses.
  • We desire to excel.
    We enthusiastically commit ourselves to achieving high performance and delivering outstanding results. We have a passion for excellence and strive to exceed expectations in all that we do.

Training magazine ranked Argo Group in the top 125 organizations in the world in 2019 with the most successful learning and development programs

Talent and Development

At Argo, we celebrate diversity and value the contributions of all our colleagues. Diversity across our workforce is a key to success and fundamental to our culture, including race, ethnicity, gender, sexual orientation, age, socio-economic status, physical ability, religion, national origin, political beliefs, experiences, education, work styles and many other characteristics.

We believe developing our employees professionally and personally strengthens our organization. In partnership with global business leaders, Argo Group provides innovative, creative experiences and tools curated to maximize employee engagement, connectedness and development – which naturally increases business performance and growth. Argo is also committed to providing professional development resources and training to all employees so they can continue to foster their careers. In fact, Training magazine ranked Argo Group in the top 125 organizations in the world in 2019 with the most successful learning and development programs.

Community

Our company and employees are dedicated to the communities in which we live and work. We demonstrate this by giving back in a variety of ways – from the Argo Foundation, which invests in programs and services that enrich the lives of Bermuda’s youth, to the Matching Funds Program, in which we match 150 percent of employee donations to charitable organizations. Argo also supports employee participation in local fundraising events, including education, the arts, social services and other community activities.

Climate Change Vulnerability

Argo Group recognizes the impact of climate change on the global community, and that is why we consider climate change in both our modeling of risk exposure and our underwriting decisions. We have developed our own view of risk, which is used to make underwriting and management decisions. It is based on a combination of third-party vendor models, plus our proprietary adjustments.

In cases where a model does not exist or is not appropriate, we have developed proprietary models: for example, for North American wildfires, marine, political violence, clean energy, and others. We further demonstrate our commitment to addressing climate change issues through our active membership in ClimateWise, a global insurance industry leadership group facilitated by the University of Cambridge Institute for Sustainability Leadership. As part of our membership, we endeavor to adhere to the ClimateWise Principles, which guide members’ contribution to the transition to a low-carbon, climate-resilient economy. In 2019, we were honored to have Argo Group SVP, Head of Analytics, Dr. Federico Waisman elected to the ClimateWise Managing Committee. Argo Group has also organized external events, linked below, to raise awareness within the reinsurance market of the various third-party models and their underlying assumptions and data and, specifically, their application in the context of climate risk/climate change.

View the U.S. Flood Model Showcase.

View the U.S. Hurricane Model Showcase.

Read “Comparing Flood Maps” from Risk & Insurance.

Operations

Argo Group underscores its role as a responsible corporate citizen by working to minimize the environmental impact of our office services, facilities and technology operations. We actively recycle in most of our offices, and as much as possible, we operate in a paperless environment. We also seek to partner with organizations that have strong sustainability credentials, such as the Vestas 11th Hour Racing team, the most sustainable team in the 2017–2018 Volvo Ocean Race competition; the Formula E racing team GEOX DRAGON, which combines the sustainability of electric power with the thrills of Formula 1 racing; and the annual Argo Group Gold Cup match racing regatta in Bermuda.

Information Security and Data Protection

Argo Group takes seriously our responsibility to protect your privacy, and we treat your information with the care and diligence it deserves. We aim to comply with the European Union General Data Protection Regulation (GDPR), and we take seriously the responsibility that accompanies our collection of non-public personal information. We have security measures in place to protect against the loss, misuse and alteration of the information under our control.

Argo Group conducts regular audits of its security systems and makes all necessary enhancements to ensure the safety of the website and its users. Also, we provide comprehensive employee engagement and training programs, including testing, to help them remain vigilant and guard against malicious attempts to extort sensitive information from our systems by targeting our staff using social engineering techniques known as “phishing attacks.”

Our commitment to ERM was recognized by InsuranceERM, which awarded Argo the Risk innovation of the Year in 2019.

Enterprise Risk Management

Argo Group’s ERM strategy is rooted in our vision for managing risk: Risk intelligence enables Argo to achieve its strategic objectives by taking appropriate risks and exploiting opportunities. Our goal is to ensure Argo employees have access to the appropriate tools, processes and training to enable them to make informed and timely risk-based decisions. That is why our ERM framework continues to mature in line with International Standard ISO 31000 (2018) and why it informs our risk–reward choices. Our commitment to ERM was recognized by InsuranceERM, which awarded Argo the Risk Innovation of the Year in 2019 and  Continuity Insurance & Risk (CIR) magazine, which awarded Argo the Risk Management Programme of the Year Award in 2018 for its application of stress testing to the monitoring of aggregate exposures for our Clean Energy insurance solutions.

Governance

We are committed to upholding the highest standards of corporate governance and ethical conduct. Our Board of Directors provides oversight of the company’s affairs and continuously looks for ways to improve and build upon our strong corporate governance practices. We are dedicated to ensuring that our accounting and reporting systems operate with integrity and that our financial results accurately and fairly reflect the results of our operations. We strive to consistently provide financial information that is objective, transparent, timely and relevant. Abiding by these principles is vital to securing trust and respect from our shareholders, customers, employees and business partners.

Compliance

Argo Group’s position on compliance is clear: We do not tolerate corruption, bribery, violations of the principles of fair competition, or other breaches of law and regulation. Our compliance function establishes and manages a plan that reinforces our compliance strategy by:

  • Establishing and maintaining an enterprise-wide compliance culture
  • Providing regulatory compliance advice and guidance
  • Designing and delivering a corporate training program
  • Establishing and maintaining successful working relationships with regulators
  • Monitoring regulatory and/or legislative developments and developing corporate compliance responses to such developments
  • Performing and/or supporting compliance monitoring
  • Providing compliance status reports to appropriate entities and/or individuals within Argo Group

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