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Argo Group International Holdings, Ltd. (ARGO) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Argo Group International Holdings, Ltd.

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CIK: 1091748 Ticker: ARGO

Exhibit 99.1




Argo Group Reports 2020 Second Quarter Results
 
Ongoing Initiatives to Improve Underlying Profitability and Growth Showing Progress
 
•
Improved Underlying Results: GWP of $800 million, with 5.9% growth in the U.S. and 3.5% on a consolidated basis; combined ratio of 100.3% and CAY ex-CAT combined ratio of 93.0%; strongest U.S. underwriting income in Argo history.
•
Operational Enhancement Actions: Announced new executive leadership team responsibilities; U.S. expense management and International re-underwriting initiatives yielding positive results; continued pricing improvement in both U.S. and International Operations.
•
Capital Management Actions: Book value of $49.94 per share, a 6.1% increase including dividends from March 31, 2020; closed on the sale of Trident, recording a $32 million pre-tax gain; preferred share offering in July strengthens capital position and supports plans for strategic growth.

Hamilton, Bermuda - August 3, 2020 - Argo Group International Holdings, Ltd. (NYSE: ARGO) ("Argo" or the "Company") today announced financial results for the three and six months ended June 30, 2020.
“We are pleased to report the strongest quarterly underwriting income for the U.S. in Argo’s history,” said Argo Chief Executive Officer Kevin J. Rehnberg. “This demonstrates our shift to more positive underlying performance, particularly in our core U.S. specialty business that delivered an excellent quarter despite the broader economic challenges related to COVID-19. The company's operating results were, however, still negatively impacted by market volatility in our investment portfolio and the pandemic’s effects on premium growth and catastrophe losses, particularly in our International Operations.
“We continue to experience strong improvement in pricing across the business,” added Rehnberg. “We remain optimistic that current market conditions will provide opportunity for continued growth and margin improvement. In addition, our recent preferred stock offering provides Argo with additional capital, enhancing our financial strength, and enables us to more aggressively pursue our strategic growth objectives in this attractive underwriting environment."
2020 Second Quarter Operating Highlights
Consolidated:
 

$ in millions

Three Months Ended
June 30,
      Q/Q      
Six Months Ended
June 30,
 Y/Y
Consolidated
2020
    
2019
    
Change
      
2020
      
2019
    
Change
                                       
Gross written premiums
 $
799.6
     $
772.9
    
3.5
%
   $
1,625.5
     $
1,533.7
    
6.0
%
Net written premiums
  
456.1
      
455.2
    
0.2
%
    
836.6
      
816.1
    
2.5
%
Earned premiums
  
433.4
      
431.7
    
0.4
%
    
868.4
      
852.2
    
1.9
%
                                           
Underwriting (loss) income
  
(1.2
)
    
(14.5
)
  
-91.7
%
    
(15.1
)
    
7.9
    
NM
  
Net investment income
  
1.5
      
42.8
    
-96.5
%
    
37.0
      
76.7
    
-51.8
%
                                           
Net (loss) income
 $
(6.4
)
   $
28.8
    
NM
     $
(25.2
)
   $
120.0
    
NM
  
                                           
Operating (loss) income
 $
(4.7
)
   $
16.8
    
NM
     $
7.9
     $
58.3
    
-86.4
%
                                           
Loss ratio
  
63.0
%
    
66.0
%
  
-3 pts
      
63.8
%
    
61.3
%
  
2.5 pts
  
Expense ratio
  
37.3
%
    
37.4
%
  
-0.1 pts
      
37.9
%
    
37.7
%
  
0.2 pts
  
Combined ratio
  
100.3
%
    
103.4
%
  
-3.1 pts
      
101.7
%
    
99.0
%
  
2.7 pts
  

The following information was filed by Argo Group International Holdings, Ltd. (ARGO) on Monday, August 3, 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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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 - Acquisition (Detail)
Basis Of Presentation - Additional Information (Detail)
Basis Of Presentation - Sale Of Business Unit (Details)
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 &Amp; Other Corporate Expenses
Underwriting, Acquisition And Insurance Expenses &Amp; Other Corporate Expenses (Detail)
Underwriting, Acquisition And Insurance Expenses &Amp; Other Corporate Expenses (Tables)
Ticker: ARGO
CIK: 1091748
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-20-011889
Submitted to the SEC: Thu Aug 06 2020 7:15:42 AM EST
Accepted by the SEC: Thu Aug 06 2020
Period: Tuesday, June 30, 2020
Industry: Title Insurance

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