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 $18.8 million – a more than 120% dive from last year’s $91.2 million net income.

While Argo enjoyed a higher net investment income, at $35.5 million, the international underwriter suffered a $13.9 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 $12.6 million, from $41.5 million previously. Catastrophe losses related to the coronavirus pandemic amounted to $26.2 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 maximizing underwriting profitability.

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