Argo Group confirms full-year financial results

Argo Group confirms full-year financial results | Insurance Business

Argo Group confirms full-year financial results

Property & casualty underwriter Argo Group International Holdings, Ltd. has reported losses both in the fourth quarter and full year 2020, following the company’s poor showing in 2019.

According to the Bermuda-headquartered insurance group’s latest set of financial results, here’s how Argo performed in the past two years:

Metric

Q4 2020

Q4 2019

FY 2020

FY 2019

Underwriting loss

$46.8 million

$113.6 million

$109.6 million

$157 million

Operating loss

$18.2 million

$73.9 million

$22.3 million

$30.8 million

Net loss attributable to common shareholders

$19.7 million

$103.3 million

$76.5 million

$8.4 million

 

Commenting on the numbers, Argo chief executive Kevin J. Rehnberg stated: “While heightened 2020 catastrophe and COVID-19 losses resulted in a disappointing financial outcome, we made significant progress on our strategic objectives and achieved meaningful growth in most of our top-performing businesses – including Argo pro, construction, and inland marine.

“We expect a sustained positive growth trajectory and continued benefits from market conditions throughout 2021, with the capital to meet those opportunities.”

Rehnberg also highlighted the specialist insurer’s “improved underlying margins” during the fourth quarter, as well as the actions taken by Argo to create what he described as a more focussed and efficient organization.