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Argo Group International Holdings, Ltd. (ARGO) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Argo Group International Holdings, Ltd.

CIK: 1091748 Ticker: ARGO
Exhibit 99.1

Argo Group Reports 2021 First Quarter Results
 
Results Reflect Continued Underlying Margin Improvement and Strong Investment Income
 
Underlying Margin Expansion: Strategic actions and favorable market conditions driving continued progress in current accident year, ex-catastrophe margins, including better loss and expense ratios.
Strategic Growth: Underlying growth in targeted areas remains strong with positive rate increases continuing during the quarter.
EPS Results: Net income of $0.78 per common share in the first quarter of 2021 compared to a net loss of $(0.72) per common share in the prior year quarter; operating income of $0.44 per common share in the first quarter of 2021 compared to $0.36 per common share in the prior year quarter.

Hamilton, Bermuda - May 3, 2021
- Argo Group International Holdings, Ltd. (NYSE: ARGO) ("Argo" or the "Company") today announced financial results for the three months ended March 31, 2021. Argo reported first quarter 2021 net income attributable to common shareholders of $27.2 million or $0.78 per diluted common share, compared to a net loss attributable to common shareholders of $24.7 million or $(0.72) per diluted common share for the 2020 first quarter. Operating income in the first quarter of 2021 was $15.5 million or $0.44 per diluted common share, compared to operating income of $12.5 million or $0.36 per diluted common share for the 2020 first quarter.

"We are pleased with the improved underlying combined ratio of 93.4% during the quarter, which was our strongest result since 2016," said Argo Chief Executive Officer Kevin J. Rehnberg. "We believe the improvement in underwriting results this quarter is further evidence that the actions we have taken over the last two years are the right ones. This positive momentum is supported by our expense focus and positions us to take advantage of market opportunities and execute on our targeted growth strategy.

“While the first quarter included elevated catastrophe losses, we have made good progress on reducing our property exposure. We expect the majority of our targeted actions to be completed ahead of U.S. wind season. This will reduce our exposure to future events.”

First Quarter Consolidated Operating Highlights
 
$ in millions
 
Three Months Ended
March 31,
     
Y/Y

Consolidated
 
2021
   
2020
   

Change  
Gross written premiums
 
$
756.5
   
$
825.9
     
-8.4
%
Net written premiums
   
421.3
     
380.5
     
10.7
%
Earned premiums
   
466.1
     
435.0
     
7.1
%
                         
Underwriting loss
 
$
(17.9
)
 
$
(14.0
)
 
NM
Net investment income
   
44.4
     
35.6
     
24.7
%
                         
Net income (loss) attributable to common shareholders
 
$
27.2
   
$
(24.7
)
 
NM
                         
Operating income
 
$
15.5
   
$
12.5
     
24.0
%
                         
Loss ratio
   
66.0
%
   
64.6
%
 
1.4 pts
Acquisition expense ratio
   
17.0
%
   
16.4
%
 
0.6 pts
General and administrative expense ratio
   
20.8
%
   
22.2
%
 
-1.4 pts
Expense ratio
   
37.8
%
   
38.6
%
 
-0.8 pts
Combined ratio
   
103.8
%
   
103.2
%
 
0.6 pts
CAY ex-CAT loss ratio
   
55.6
%
   
57.3
%
 
-1.7 pts

The following information was filed by Argo Group International Holdings, Ltd. (ARGO) on Monday, May 3, 2021 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 Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Income (Loss)
Condensed Consolidated Statements Of Shareholders' Equity
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified From Accumulated Other Comprehensive (Loss) Income (Detail)
Accumulated Other Comprehensive Income (Loss) - 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)
Commitments And Contingencies
Commitments And Contingencies (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
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)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Detail)
Share-Based Compensation - Summary Of Performance Shares Activity (Details)
Share-Based Compensation - Summary Of Restricted Share Activity (Detail)
Share-Based Compensation - Summary Of Sars Activity (Detail)
Shareholders' Equity
Shareholders' Equity (Detail)
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: 0001628280-21-009428
Submitted to the SEC: Fri May 07 2021 6:10:16 AM EST
Accepted by the SEC: Fri May 07 2021
Period: Wednesday, March 31, 2021
Industry: Title Insurance

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