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Argo Group International Holdings, Ltd. (ARGO) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Argo Group International Holdings, Ltd.

CIK: 1091748 Ticker: ARGO
Exhibit 99.1

Argo Group Reports 2019 Second Quarter Net Income of
$28.8 Million or $0.83 Per Diluted Share

HAMILTON, Bermuda (August 5, 2019)
- Argo Group International Holdings, Ltd. (NYSE: ARGO) today announced financial results for the three and six months ended June 30, 2019.

2019 Second Quarter Recap
 
Gross Written Premiums
$772.9M
↑ 10.0%
from Q2 2018
Net Income Per Diluted Share
$0.83
↓ 30.8%
from Q2 2018
Adjusted Operating
Income Per Diluted Share (1)
$0.48
↓ 49.5%
from Q2 2018
Combined
Ratio
103.4%
 ↑ 7.1 pts
from Q2 2018
Book Value
Per Share
$56.28
↑ 10.6%(1)
from Dec. 31, 2018
 
“For the first half of the year, Argo’s book value per share growth plus dividends paid was 10.6% and our annualized return on shareholders’ equity was 13.1%, which reflects strong contributions from our investment portfolio. We continue to deliver strong shareholder value creation despite some isolated claims volatility impacting the second quarter of 2019,” said Mark E. Watson III, CEO. “Our focus on increasing efficiency through digital enhancements and growing profitable business lines continues to yield positive results, with 10% gross written premium growth in the quarter.”

HIGHLIGHTS FOR THE THREE MONTHS
ENDED JUNE 30, 2019
 
HIGHLIGHTS FOR THE SIX MONTHS
ENDED JUNE 30, 2019
 
Net income was $28.8 million or $0.83 per diluted share, compared to net income of $41.8 million or $1.20 per diluted share for the 2018 second quarter.
 
As recently announced, the 2019 second quarter net income included pre-tax charges of $32.3 million related to an increase in current and prior accident year losses of $10.0 million and $22.3 million, respectively.
 
In addition, the 2019 second quarter included approximately $7.5 million of expenses associated with proxy solicitation and related activities. These expenses are included in “Other corporate expenses” in the consolidated Financial Highlights below. Given the unique and non-recurring nature of the events that gave rise to these expenses, these costs are not included in the Company’s definition of adjusted operating income and as such, not included in the calculation of the combined ratio as presented in the Financial Highlights below. There were no comparable costs incurred during the 2018 second quarter.
 

 
 
 
Net income was $120.0 million or $3.45 per diluted share, compared to net income of $66.6 million or $1.92 per diluted share for the 2018 six month period.
 
The 2019 six month period included pre-tax net gains related to changes in the fair value of equity securities of $66.8 million, compared to pre-tax net losses related to changes in the fair value of equity securities of $26.6 million in the 2018 six month period, resulting in a year over year improvement of $93.4 million.
 
The 2019 six month period was adversely impacted by the previously announced increase in current and prior accident year losses of approximately $32.3 million.
 
The 2019 six month period also included approximately $8.0 million of expenses associated with proxy solicitation and related activities. These expenses are included in “Other corporate expenses” in the consolidated Financial Highlights below. Given the unique and non-recurring nature of the events that gave rise to these expenses, these costs are not included in the Company’s definition of adjusted operating income and as such, not included in the calculation of the combined ratio as presented in the Financial Highlights below. There were no comparable costs incurred during the 2018 second quarter.
 

1

The following information was filed by Argo Group International Holdings, Ltd. (ARGO) on Monday, August 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Assess how Argo Group International Holdings, Ltd.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
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Argo Group International Holdings, Ltd.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside Argo Group International Holdings, Ltd.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Income
Condensed Consolidated Statements Of Shareholders' Equity
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income (Tables)
Accumulated Other Comprehensive (Loss) Income - Amounts Reclassified From Accumulated Other Comprehensive (Loss) Income (Detail)
Accumulated Other Comprehensive (Loss) Income - Changes In Accumulated Other Comprehensive (Loss) Income (Detail)
Basis Of Presentation
Basis Of Presentation (Policies)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Disclosures About Fair Value Of Financial Instruments
Disclosures About Fair Value Of Financial Instruments (Tables)
Disclosures About Fair Value Of Financial Instruments - Summary Of Company's Financial Instruments Whose Carrying Amount Did Not Equal Fair Value (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Reconciliation Of Difference Between Provision For Income Taxes And Expected Tax Provision At Weighted Average Tax Rate (Detail)
Income Taxes - Schedule Of Pre-Tax Income (Loss) And Effective Income Tax Rates (Detail)
Investments
Investments (Tables)
Investments - Additional Information (Detail)
Investments - Components Of Restricted Assets (Detail)
Investments - Financial Assets Measured At Fair Value On Recurring Basis (Detail)
Investments - Schedule Of Aging Of Unrealized Losses On Company's Investments In Fixed Maturities, Equity Securities And Other Investments (Detail)
Investments - Schedule Of Amortized Cost And Fair Values Of Fixed Maturity Investments, By Contractual Maturity (Detail)
Investments - Schedule Of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses And Fair Value Of Investments (Detail)
Investments - Schedule Of Carrying Value And Unfunded Investment Commitments Of Other Invested Assets Portfolio (Detail)
Investments - Schedule Of Changes In Unrealized Appreciation (Depreciation) (Detail)
Investments - Schedule Of Company's Gross Realized Investment Gains (Losses) (Detail)
Investments - Schedule Of Fair Value Of Foreign Currency Exchange Forward Contracts (Detail)
Investments - Schedule Of Realized Gains And Losses Of Investment On Foreign Currency Exchange Forward Contracts (Detail)
Investments - Schedule Of Recognized Other-Than-Temporary Losses On Fixed Maturities And Equity Portfolios (Detail)
Investments - Schedule Of Reconciliation Of Beginning And Ending Balances For Investments Categorized As Level 3 (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Components Of Leases (Details)
Leases - Lease Cost (Details)
Leases - Lease Maturity (Details)
Net Income Per Common Share
Net Income Per Common Share (Tables)
Net Income Per Common Share - Additional Information (Detail)
Net Income Per Common Share - Net Income (Loss) Per Common Share On Basic And Diluted Basis (Detail)
Recently Issued Accounting Pronouncements
Reserves For Losses And Loss Adjustment Expenses
Reserves For Losses And Loss Adjustment Expenses (Tables)
Reserves For Losses And Loss Adjustment Expenses - Impact From (Favorable) Unfavorable Development Of Prior Accident Years' Loss And Lae Reserves On Each Reporting Segment (Detail)
Reserves For Losses And Loss Adjustment Expenses - Reserves For Losses And Loss Adjustment Expenses (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Identifiable Assets (Detail)
Segment Information - Revenue And Income (Loss) Before Income Taxes For Each Segment (Detail)
Segment Information - Schedule Of Earned Premiums By Geographic Location (Detail)
Senior Unsecured Fixed Rate Notes
Senior Unsecured Fixed Rate Notes (Tables)
Senior Unsecured Fixed Rate Notes - Additional Information (Detail)
Senior Unsecured Fixed Rate Notes - Condensed Consolidating Balance Sheet (Detail)
Senior Unsecured Fixed Rate Notes - Condensed Consolidating Statement Of Cash Flows (Detail)
Senior Unsecured Fixed Rate Notes - Condensed Consolidating Statement Of Income (Detail)
Senior Unsecured Fixed Rate Notes - Schedule Of Unamortized Debt Issuance Costs Deducted From Carrying Value Of Debt Liability (Detail)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Detail)
Share-Based Compensation - Fair Value Assumptions (Detail)
Share-Based Compensation - Summary Of Restricted Share Activity (Detail)
Share-Based Compensation - Summary Of Sars Activity (Detail)
Shareholders Equity - Additional Information (Detail)
Shareholders' Equity
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Schedule Of Interest Paid And Income Taxes Paid (Recovered) (Detail)
Underwriting, Acquisition And Insurance Expenses
Underwriting, Acquisition And Insurance Expenses (Detail)
Underwriting, Acquisition And Insurance Expenses (Tables)
Ticker: ARGO
CIK: 1091748
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-19-010159
Submitted to the SEC: Tue Aug 06 2019 12:48:17 PM EST
Accepted by the SEC: Tue Aug 06 2019
Period: Sunday, June 30, 2019
Industry: Title Insurance

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