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Argo Group International Holdings, Ltd. (ARGO) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Argo Group International Holdings, Ltd.

CIK: 1091748 Ticker: ARGO
Exhibit 99.1

Argo Group Reports 2020 First Quarter Results

First Quarter Results Supported by Strong Premium Growth in U.S. Operations
 
 
Gross written premium of $825.9 million, up 8.6%, reflects strong growth in the U.S.
 
Combined ratio of 103.2% and CAY ex-CAT combined ratio of 95.9%.
 
Net investment income increased 4.7% to $35.5 million.
 
Net loss of $18.8 million or $(0.55) per diluted share.
 
Operating income of $12.6 million or $0.36 per diluted share.

HAMILTON, Bermuda – May 7, 2020 –
Argo Group International Holdings, Ltd. (NYSE: ARGO) (“Argo” or the “Company”) today announced financial results for the three months ended March 31, 2020.

“We achieved strong premium growth and positive operating results in the first quarter, but we are still not satisfied with our overall performance,” said Argo Chief Executive Officer Kevin J. Rehnberg. “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 focused 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.”
 
2020 First Quarter Operating Highlights
 
Consolidated:
 
$ in millions
 
Three months ended
March 31,
   
Y/Y

Consolidated
 
2020
   
2019
   
Change
 
                     
                     
Gross written premium
 
$
825.9
   
$
760.8
     
8.6
%
Net written premium
   
380.5
     
360.9
     
5.4
%
Earned premium
   
435.0
     
420.5
     
3.4
%
                         
Underwriting income (loss)
   
(13.9
)
   
22.4
     
-162.1
%
Net investment income
   
35.5
     
33.9
     
4.7
%
                         
Net income (loss)
 
$
(18.8
)
 
$
91.2
     
-120.6
%
                         
Operating income
 
$
12.6
   
$
41.5
     
-69.6
%
                         
Loss ratio
   
64.6
%
   
56.6
%
 
8.0p
ts
Expense ratio
   
38.6
%
   
38.1
%
 
0.5p
ts
Combined ratio
   
103.2
%
   
94.7
%
 
8.5p
ts

Gross written premium grew 8.6% to $825.9 million, compared to $760.8 million for the 2019 first quarter. Growth was experienced in our U.S. segment while premium growth in our International segment was relatively flat compared to the prior year quarter.
The combined ratio was 103.2% compared to 94.7% for the 2019 first quarter. The higher combined ratio was primarily driven by catastrophe losses of $29.1 million, including $26.2 million related to the COVID-19 pandemic, primarily resulting from contingency and property exposures in the company’s International Operations and property exposures in its U.S. Operations. Additionally, reserve development added 0.6 points to the loss ratio in the first quarter of 2020, compared to releases of 0.6 points in the prior year quarter. Net reserve strengthening was reported in Argo’s U.S. Operations, although the overall level of reserve development was modest in the quarter.

1

The following information was filed by Argo Group International Holdings, Ltd. (ARGO) on Thursday, May 7, 2020 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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Argo Group International Holdings, Ltd.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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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)
- Premiums Receivable (Details)
- Reinsurance Recoverables (Details)
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)
Allowance For Credit Losses
Allowance For Credit Losses (Tables)
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation - Additional Information (Detail)
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 - Allowance For Credit Losses (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 Reconciliation Of Beginning And Ending Balances For Investments Categorized As Level 3 (Detail)
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 Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements (Details)
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 - 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: 0001628280-20-007182
Submitted to the SEC: Fri May 08 2020 2:42:44 PM EST
Accepted by the SEC: Fri May 08 2020
Period: Tuesday, March 31, 2020
Industry: Title Insurance

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