Argo Group International Holdings Ltd. Late Wednesday said that Voce Capital Management LLC continues to make "false and misleading statements" about the company.
Bermuda-based Argo response came after Voce, a San Francisco-based hedge fund with a 5.8 percent stake in the company, also aimed at Argo and CEO Mark Watson for what it regards as "excessive costs and misuse of corporate assets. ".
In his statement, Argo said that Voce intends to "divert investors from our proven record to deliver value to shareholders."
Argo also said it is engaged in an "open and constructive dialogue" with all its investor.
Argo said that Voke's latest representation in its press release was "simply wrong."
The properties identified in Voce's press release are not residential but part of Argo's investment property portfolio, the company said in the statement.
"As previously stated, averaged less than a million dollars a year over the past five years for named sponsorships, including those identified in Voce on April 24, 201
is for an aircraft that was neither owned by Argo nor used exclusively by Argo, the company says in its statement.
"When our managers use corporate aircraft for personal travel, they do so at their own expense, says the statement.