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 |
US$46.8 million |
US$113.6 million |
US$109.6 million |
US$157 million |
|
Operating loss |
US$18.2 million |
US$73.9 million |
US$22.3 million |
US$30.8 million |
|
Net loss attributable to common shareholders |
US$19.7 million |
US$103.3 million |
US$76.5 million |
US$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 organisation.
