On September 13, 2021, Capital Returns Management sent a letter to the company's Board of Directors of Argo Group Limited urging the Board to commence a strategic alternatives process and objectively consider a sale of the full company. In the letter, Capital Returns expressed the belief that the Company has an exceptional U.S. specialty business whose results are both restricted by capital constraints and obscured by the Company's lackluster international businesses. Additionally, Capital Returns concludes that exploring the sale of the entire company is the optimal and necessary next step to maximize shareholder value.