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

Argo Group International Holdings, Ltd.

CIK: 1091748 Ticker: ARGO
Exhibit 99.1

Argo Group Reports 2020 Third Quarter Results
 
Continued Strategic Progress to Focus the Organization and Improve Underwriting Results
 

Strong Underlying Margins: Current accident year, ex-catastrophe loss ratio and combined ratio improved compared to the prior year period.

Favorable Market Conditions: Pricing increase above 10% on average across Argo's business.

Establishing Expense Targets: Initiatives underway to remove $100 million of expense from the 2019 total incurred; partially reinvesting in ongoing businesses and operations; targeting a 36% expense ratio by year-end 2022.

Hamilton, Bermuda - November 2, 2020
- Argo Group International Holdings, Ltd. (NYSE: ARGO) ("Argo" or the "Company") today announced financial results for the three and nine months ended September 30, 2020. Argo reported third quarter 2020 net loss attributable to common shareholders of $31.6 million or $(0.91) per diluted common share, compared to a net loss attributable to common shareholders of $25.1 million or $(0.73) per diluted common share for the 2019 third quarter. Operating loss in the third quarter of 2020 was $11.9 million or $(0.34) per diluted common share, compared to an operating loss of $15.2 million or $(0.44) per diluted common share for the 2019 third quarter.

2020 Third Quarter Consolidated Operating Highlights
 
$ in millions
 
Three Months Ended
September 30,
   
Q/Q

 
Nine Months Ended
September 30,
   
Y/Y

Consolidated
 
2020
   
2019
   
Change
     
2020
     
2019
   
Change
 
                                             
Gross written premiums
 
$
890.2
   
$
882.7
     
0.8
%
 
$
2,515.7
   
$
2,416.4
     
4.1
%
Net written premiums
   
533.9
     
538.9
     
-0.9
%
   
1,370.5
     
1,355.0
     
1.1
%
Earned premiums
   
445.5
     
451.5
     
-1.3
%
   
1,313.9
     
1,303.7
     
0.8
%
                                                 
Underwriting (loss) income
 
$
(47.7
)
 
$
(51.3
)
 
NM
   
$
(62.8
)
 
$
(43.4
)
 
NM
 
Net investment income
   
42.0
     
40.2
     
4.5
%
   
79.0
     
116.9
     
-32.4
%
                                                 
Net (loss) income attributable to
common shareholders
 
$
(31.6
)
 
$
(25.1
)
 
NM
   
$
(56.8
)
 
$
94.9
   
NM
 
                                                 
Operating (loss) income
 
$
(11.9
)
 
$
(15.2
)
 
NM
   
$
(4.0
)
 
$
43.1
   
NM
 
                                                 
Loss ratio
   
73.8
%
   
75.1
%
 
-1.3 pts
     
67.2
%
   
66.1
%
 
1.1 pts
 
Expense ratio
   
36.9
%
   
36.3
%
 
0.6 pts
     
37.6
%
   
37.2
%
 
0.4 pts
 
Combined ratio
   
110.7
%
   
111.4
%
 
-0.7 pts
     
104.8
%
   
103.3
%
 
1.5 pts
 
CAY ex-CAT loss ratio
   
56.9
%
   
61.5
%
 
-4.6 pts
     
56.7
%
   
59.0
%
 
-2.3 pts
 

"We are pleased with the improved underlying margins of our business during the quarter, as well as the actions taken to simplify operations and exit lines that do not meet profitability expectations or are not aligned with our strategy," said Argo Chief Executive Officer Kevin J. Rehnberg. "While the industry faced historic levels of catastrophe activity in the third quarter, we have continued to make progress on our strategic objectives.

“This progress combined with continued gross written premium growth within profitable lines of business, improvement in pricing and a plan to reduce expenses demonstrates our firm commitment to continuing on a path toward increased shareholder value.”

1

The following information was filed by Argo Group International Holdings, Ltd. (ARGO) on Monday, November 2, 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)
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)
Allowance For Credit Losses - Premiums Receivable (Details)
Allowance For Credit Losses - Reinsurance Recoverables (Details)
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 - 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 Issued Accounting Pronouncements &Amp; Updates To Accounting Policies
Recently Issued Accounting Pronouncements &Amp; Updates To Accounting Policies (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
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)

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: 0001628280-20-015488
Submitted to the SEC: Wed Nov 04 2020 3:45:21 PM EST
Accepted by the SEC: Wed Nov 04 2020
Period: Wednesday, September 30, 2020
Industry: Title Insurance

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