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Argo Group International Holdings, Ltd. (ARGO) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

ARGO Annual Reports

  • 10-K Annual Report March 2022
  • 10-K Annual Report March 2021
    10-K Annual Report February 2020

Argo Group International Holdings, Ltd.

CIK: 1091748 Ticker: ARGO
Exhibit 99.1



Argo Group Reports 2021 Fourth Quarter and Full Year Results
 
Results Reflect Continued Progression of Strategic Plan
 
Continued Strategic Growth: Net earned premium increased 4.2% in the fourth quarter of 2021; Strong net earned premium growth in our ongoing business1 of approximately 19.8%, supported by favorable market conditions
Expense Ratio Improvement: Expense ratio of 35.3% for the fourth quarter of 2021 improved 2.9 points from the fourth quarter of 2020 and full year 2021 expense ratio of 36.8% improved 0.7 points compared to the same period in 2020
Reduced Catastrophe Losses: Total catastrophe losses of $6.8 million for the fourth quarter of 2021, down from $51.0 million in the fourth quarter of 2020 and full year 2021 catastrophe losses of $92.7 million, down from $179.2 million in 2020
Improved Results in International Operations: Combined ratio improved 40.9 points to 76.5% for the fourth quarter of 2021 from the fourth quarter of 2020 and full year 2021 combined ratio of 97.2% improved 19.9 points compared to the same period in 2020

Hamilton, Bermuda - February 22, 2022
- Argo Group International Holdings, Ltd. (NYSE: ARGO) ("Argo" or the "Company") today announced financial results for the three months and year ended December 31, 2021. On February 8, 2022, the Company reported that its results for the quarter ended December 31, 2021, would be negatively affected by adverse prior year reserve development and non-operating charges.

Argo reported a fourth quarter 2021 net loss attributable to common shareholders of $118.8 million or $3.41 per diluted common share, compared to a net loss attributable to common shareholders of $3.5 million or $0.10 per diluted common share for the 2020 fourth quarter. For the year ended 2021, Argo reported a net loss attributable to common shareholders of $4.7 million or $0.13 per diluted common share, compared to a net loss attributable to common shareholders of $58.7 million or $1.70 per diluted common share in 2020.

The operating loss in the fourth quarter of 2021 was $61.8 million or $1.77 per diluted common share, compared to an operating loss of $8.9 million or $0.26 per diluted common share for the 2020 fourth quarter. Operating income in 2021 was $41.5 million or $1.19 per diluted common share, compared to an operating loss of $10.0 million or $0.29 per diluted common share in 2020.

"Our strategic priorities of pursuing profitable growth, reducing volatility, and disciplined expense management are evident in our 2021 current accident year underwriting results," said Argo Group Chief Executive Officer Kevin Rehnberg. "We remain encouraged by the continued growth and underlying strength of our ongoing business."



The following information was filed by Argo Group International Holdings, Ltd. (ARGO) on Tuesday, February 22, 2022 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Income (Loss)
Consolidated Statements Of Shareholders' Equity
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 Income (Loss) (Detail)
Accumulated Other Comprehensive Income (Loss) - Changes In Accumulated Other Comprehensive Income (Loss) (Detail)
Allowance For Credit Losses
Allowance For Credit Losses (Tables)
Allowance For Credit Losses - Premium Receivables (Details)
Allowance For Credit Losses - Reinsurance Recoverables (Details)
Business And Significant Accounting Policies
Business And Significant Accounting Policies (Policies)
Business And Significant Accounting Policies (Tables)
Business And Significant Accounting Policies - Additional Information (Detail)
Business And Significant Accounting Policies - Intangible Assets And Accumulated Amortization (Detail)
Business And Significant Accounting Policies - Schedule Of Interest Paid (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 - Schedule Of Financial Instruments Measured At Fair Value (Details)
Disclosures About Fair Value Of Financial Instruments - Summary Of Company's Financial Instruments Whose Carrying Amount Did Not Equal Fair Value (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Income Tax (Benefit) Provision Expense (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 Net Deferred Tax Liability Comprises Tax Effect Related To Assets And Liabilities (Detail)
Income Taxes - Schedule Of Net Operating Loss Carryforwards Amounts By Jurisdiction And Year Of Expiration (Detail)
Income Taxes - Schedule Of Pre-Tax Income (Loss) And Effective Income Tax Rates (Detail)
Income Taxes - Schedule Of Unrecognized Tax Benefits (Details)
Insurance Assessments
Insurance Assessments (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 Investment Income And Expenses (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)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Components Of Leases (Details)
Leases - Lease Cost (Details)
Leases - Lease Maturity (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Additional Information (Detail)
Long-Term Debt - Schedule Of Floating Rate Loan Stock, Notes Outstanding (Detail)
Long-Term Debt - Schedule Of Junior Subordinated Debentures (Detail)
Long-Term Debt - Schedule Of Long-Term Debt Maturity (Details)
Long-Term Debt - Schedule Of Maybrooke Junior Subordinated Debentures (Detail)
Long-Term Debt - Schedule Of Unamortized Debt Issuance Costs Deducted From Carrying Value Of Debt Liability (Details)
Long-Term Debt- Schedule Of Terms And Principal Amounts Of Other Indebtedness (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 (Loss) Income Per Common Share On Basic And Diluted Basis (Detail)
Pension Benefits And Savings Plans
Pension Benefits And Savings Plans (Detail)
Recent Acquisitions, Disposals &Amp; Other Transactions
Recent Acquisitions, Disposals &Amp; Other Transactions - Acquisitions (Details)
Recent Acquisitions, Disposals &Amp; Other Transactions - Sale Of Business Unit (Details)
Reinsurance
Reinsurance (Tables)
Reinsurance - Additional Information (Detail)
Reinsurance - Schedule Of Reinsurance Premium (Detail)
Reserves For Losses And Loss Adjustment Expenses
Reserves For Losses And Loss Adjustment Expenses (Tables)
Reserves For Losses And Loss Adjustment Expenses - Additional Information (Detail)
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)
Reserves For Losses And Loss Adjustment Expenses - Schedule Of Information About Discounted Liabilities For Unpaid Losses And Lae (Detail)
Reserves For Losses And Loss Adjustment Expenses - Schedule Of Supplementary Unaudited Information About Annual Percentage Payout Of Incurred Losses And Alae, Net Of Reinsurance (Detail)
Reserves For Losses And Loss Adjustment Expenses - Summary Of Information About Incurred And Cumulative Paid Losses And Allocated Loss Adjustment Expenses, Net Of Reinsurance (Detail)
Reserves For Losses And Loss Adjustment Expenses - Summary Of Reconciliation Of Net Incurred And Paid Development To Liability For Unpaid Losses And Lae In Consolidated Balance Sheets (Detail)
Run-Off Lines
Run-Off Lines (Tables)
Run-Off Lines - Gross Reserves For Run-Off Lines (Detail)
Run-Off Lines - Total Gross Reserves For Asbestos Exposure (Detail)
Run-Off Lines - Underwriting Losses For Run-Off Lines (Detail)
Schedule Ii Condensed Financial Information Of Registrant
Schedule Ii Condensed Financial Information Of Registrant - Schedule Of Balance Sheets (Detail)
Schedule Ii Condensed Financial Information Of Registrant - Schedule Of Statements Of Cash Flows (Detail)
Schedule Ii Condensed Financial Information Of Registrant - Schedule Of Statements Of Income (Detail)
Schedule Iii Supplemental Insurance Information
Schedule Iii Supplemental Insurance Information (Detail)
Schedule V Valuation And Qualifying Accounts
Schedule V Valuation And Qualifying Accounts (Detail)
Schedule Vi Supplemental Information For Property-Casualty Insurance Companies
Schedule Vi Supplemental Information For Property-Casualty Insurance Companies (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)
Segment Information - Schedule Of Goodwill And Intangible Assets Net Of Accumulated Amortization (Detail)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Detail)
Share-Based Compensation - Summary Of Performance Share Activity (Details)
Share-Based Compensation - Summary Of Restricted Share Activity (Detail)
Shareholders' Equity
Shareholders' Equity - Additional Information (Detail)
Statutory Accounting Principles
Statutory Accounting Principles (Tables)
Statutory Accounting Principles - Additional Information (Detail)
Statutory Accounting Principles - Statutory Capital And Surplus For Principal Operating Subsidiaries (Detail)
Statutory Accounting Principles - Statutory Net Income (Loss) For Principal Operating Subsidiaries (Detail)
Transactions With Related Parties
Underwriting, Acquisition And Insurance Expenses
Underwriting, Acquisition And Insurance Expenses (Detail)
Underwriting, Acquisition And Insurance Expenses (Tables)
Ticker: ARGO
CIK: 1091748
Form Type: 10-K Annual Report
Accession Number: 0001628280-22-006331
Submitted to the SEC: Wed Mar 16 2022 12:05:09 PM EST
Accepted by the SEC: Wed Mar 16 2022
Period: Friday, December 31, 2021
Industry: Title Insurance

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