Specialist insurer Argo Group International Holdings, Ltd. has been dealt a blow in the first quarter of 2020.

In the three months ended March 31, the Bermuda-headquartered group posted a net loss of US$18.8 million (around £15.1 million) – a more than 120% dive from last year’s US$91.2 million (around £73.4 million) net income.

While Argo enjoyed a higher net investment income, at US$35.5 million (around £28.6 million), the international underwriter suffered a US$13.9 million (around £11.2 million) underwriting loss in the period. The figure represents a 162% plunge from the company’s underwriting result in Q1 2019.

Meanwhile operating income stood at US$12.6 million (around £10.1 million), from US$41.5 million (around £33.4 million) previously. Catastrophe losses related to the coronavirus pandemic amounted to US$26.2 million (around £21.1 million).

Commenting on the numbers, Argo chief executive Kevin J. Rehnberg stated: “While we expect the premium and loss impact of COVID-19 to be challenging in 2020, we are committed to maintaining financial strength and implementing our strategy to drive long-term shareholder value – a focussed review of our businesses; investment where there is significant opportunity; and a focus on maximising underwriting profitability.

“I appreciate the dedication of the Argo team during these unprecedented times as they work tirelessly to serve our clients.”