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Argo Group confirms full-year monetary outcomes

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The property and casualty insurer Argo Group International Holdings, Ltd. reported losses in both the fourth quarter and full year 2020 after the company performed poorly in 2019.

According to the latest financial results from the Bermuda-based insurance group, Argo has done the following over the past two years:

Metric

Q4 2020

Q4 2019

FY 2020

FY 2019

Loss of subscription

$ 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 of common stockholders

$ 19.7 million

$ 103.3 million

$ 76.5 million

$ 8.4 million

Commenting on the numbers, Kevin J. Rehnberg, CEO of Argo, said: “While the heightened catastrophe of 2020 and COVID-19 losses resulted in disappointing financial results, we have significantly improved our strategic goals and at most of our top companies significant growth is achieved by companies including Argo Pro, construction and inland shipping.

“We expect continued positive growth and will continue to benefit from market conditions throughout 2021, with capital taking advantage of these opportunities.”

Rehnberg also highlighted the specialist insurer’s “improved underlying margins” in the fourth quarter, as well as the steps Argo had taken to create an organization he described as more focused and efficient.

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