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

Argo Group International Holdings, Ltd.

CIK: 1091748 Ticker: ARGO
Exhibit 99.1

Argo Group Reports 2019 Third Quarter Results

HAMILTON, Bermuda (November 6, 2019)
- Argo Group International Holdings, Ltd. (NYSE: ARGO) today announced financial results for the three and nine months ended September 30, 2019.

2019 Third Quarter Recap
 
Gross Written
Premiums
$882.7M
↑ 5.1%
from Q3 2018
Net Loss Per
Diluted Share
$0.73
↓ $1.90
from Q3 2018
Adjusted Operating
Loss Per Diluted
Share (1)
$0.44
↓ $1.12
from Q3 2018
Combined
Ratio
111.4%
↑11.7 pts
from Q3 2018
Book Value
Per Share
$55.18
↑ 9.1% (1)
from Dec. 31, 2018
 
“It’s an honor to lead Argo Group, and I’m optimistic about the future of the company and opportunities to enhance shareholder value,” said Kevin Rehnberg, interim chief executive officer. “We see potential for much stronger results – we are clearly not satisfied with losses we experienced in the quarter.
 
“Across the company, we are growing in profitable areas, remediating challenged lines, and taking steps to control our loss and expense ratios. A significant factor driving the U.S. results is the ongoing investments we’ve made in technology, process improvements, and the strong team we have working at Argo. Our ability to respond faster than our competitors will push us to greater levels of success.”
 
 
HIGHLIGHTS FOR THE THREE MONTHS
ENDED SEPTEMBER 30, 2019
HIGHLIGHTS FOR THE NINE MONTHS
ENDED SEPTEMBER 30, 2019
The net loss was $25.1 million or $0.73 per diluted share, compared to net income of $40.6 million or $1.17 per diluted share for the 2018 third quarter.
Net income was $94.9 million or $2.73 per diluted share, compared to net income of $107.2 million or $3.09 per diluted share for the 2018 nine-month period.
       
  As recently announced, the 2019 third quarter net loss included pre-tax charges of $51.8 million related to an increase in current and prior accident year losses of approximately $10.0 million and $41.8 million, respectively.   The 2019 nine-month period was adversely impacted by previously announced increases in current accident year losses of approximately $20.0 million and prior accident year losses of $61.6 million.
1

The following information was filed by Argo Group International Holdings, Ltd. (ARGO) on Thursday, November 7, 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

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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:

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  • Executive Team
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  • 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 (Loss) Income
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive (Loss) 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)
Disclosures About Fair Value Of Financial Instruments Disclosures About Fair Value Of Financial Instruments - Summary Of Fair Values Measured On Recurring Basis (Details)
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 (Loss) Income Per Common Share
Net (Loss) Income Per Common Share (Tables)
Net (Loss) Income Per Common Share - Additional Information (Detail)
Net (Loss) 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 (Loss) Income (Detail)
Senior Unsecured Fixed Rate Notes - Condensed Consolidating Statement Of Cash Flows (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
Subsequent Event
Subsequent Event (Details)
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)

Material Contracts, Statements, Certifications & more

Argo Group International Holdings, Ltd. provided additional information to their SEC Filing as exhibits

Ticker: ARGO
CIK: 1091748
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-19-013779
Submitted to the SEC: Fri Nov 08 2019 6:52:56 AM EST
Accepted by the SEC: Fri Nov 08 2019
Period: Monday, September 30, 2019
Industry: Title Insurance

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