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Argo Group International Holdings, Ltd. (NASDAQGS: ARGO) is a prominent international underwriter specializing in insurance and reinsurance products within the property and casualty market. The company operates through its subsidiaries and is structured into four main business segments, each tailored to meet the diverse needs of its clients.
Excess & Surplus Lines: This segment focuses on underwriting risks that are typically outside the scope of the standard market due to their unique nature, specific risk exposures, or loss histories. These include specialized businesses that require custom coverage solutions.
Commercial Specialty: Catering to both commercial and public entities, this segment offers standard-market property and casualty insurance along with surety coverages. It is designed to serve highly specialized sectors, providing tailored insurance products that address specific industry needs.
International Specialty: Operating on a global scale, the International Specialty segment writes both insurance and reinsurance through the broker market. It includes offerings like specialty property catastrophe reinsurance, excess casualty, and professional liability insurance.
Argo Group's commitment to high-quality products and exceptional service has earned it a notable reputation in the industry. The company's innovative approach and extensive expertise enable it to handle complex and high-risk scenarios effectively. Recent achievements include strategic partnerships and continuous expansion of its product portfolio, ensuring comprehensive coverage solutions for its clients worldwide.
The company's financial stability and robust performance are reflected in its consistent delivery of shareholder value. With a dedicated focus on risk management and client needs, Argo Group continues to adapt and grow in the ever-evolving insurance landscape.
For investors and stakeholders, Argo Group offers valuable insights into the latest developments, performance metrics, and strategic initiatives through its regular updates and transparent communication.
Argo Group International Holdings (NYSE: ARGO) announced that its first-quarter results will reflect significant losses estimated at $47 million due to catastrophes. Of this, $43 million is related to natural catastrophes, primarily Winter Storm Uri, with about half of these losses originating from International Operations. Additionally, the company expects a net loss of $4 million linked to COVID-19 pandemic impacts on its International Operations. These estimates are pre-tax and may differ from actual results.
Argo Group International Holdings, Ltd. (NYSE: ARGO) announced a shift to a virtual format for its 2021 Annual General Meeting due to rising COVID-19 cases in Bermuda and a mandatory stay-at-home order. The meeting is scheduled for Thursday, May 6, 2021, at noon local Bermuda time (11:00 a.m. Eastern Time) and is accessible via www.virtualshareholdermeeting.com/ARGO2021. Shareholders as of March 15, 2021, can participate using the 16-digit control number from their proxy materials.
Argo Group International Holdings, Ltd. (NYSE: ARGO) will release its 2021 first-quarter financial results after U.S. market close on May 3, 2021. Management will host an investor conference call on May 4, 2021, at 10 a.m. EST, accessible via a live webcast or through specific phone lines for U.S. and international participants. Argo is a specialty insurance underwriter, rated ‘A-’ by both Standard & Poor’s and A.M. Best, catering to property and casualty markets.
Argo Group International Holdings (NYSE: ARGO) announced the immediate retirements of board members Kathleen Nealon and John Tonelli, effective after the Annual General Meeting on May 6, 2021. This will reduce the board size to 9 directors. Non-Executive Chairman Thomas A. Bradley expressed gratitude for their contributions to the company's growth into a stronger, U.S.-focused specialty insurer. Nealon has been on the board since 2011, while Tonelli joined in 2010, contributing notably in various committees.
AM Best has revised the outlook for Argo Group International Holdings (ARGO) to stable from negative, affirming its Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Ratings of 'bbb-'. This change follows improvements in the company's balance sheet strength and operating performance. Key developments include addressing a prior SEC inquiry, leadership changes, and exiting non-profitable businesses. Despite some internal control weaknesses, the overall outlook remains positive with expectations for continued improvement in capital adequacy and underwriting margins.
Argo Group reported a Q4 2020 net loss of $19.7 million, or $(0.57) per diluted share, a notable reduction from a loss of $103.3 million in Q4 2019. The company achieved a gross written premium of $717.6 million, a 0.7% increase year-over-year. The loss ratio improved to 69.9%, down from 84.4% in the previous year, reflecting better pricing and loss control. Despite challenges such as $51 million in catastrophe losses, Argo expects positive growth in 2021 driven by favorable market conditions and strategic initiatives.
Argo Group International Holdings declared a quarterly cash dividend of $0.31 per share on its common stock. This dividend will be distributed on March 12, 2021, to shareholders of record as of February 26, 2021. Argo Group operates in the specialty insurance market, focusing on property and casualty products, with services divided into U.S. and International Operations. Its insurance subsidiaries maintain an A- rating from Standard & Poor’s and A.M. Best, underscoring its financial stability.
Argo Group International Holdings, Ltd. (NYSE: ARGO) will hold an Investor Update Meeting on March 12 at 10 a.m. EST. CEO Kevin Rehnberg and the executive leadership team will present the company’s strategy and participate in a Q&A session. The meeting aims to provide comprehensive insights for investors. Argo is a specialty insurance underwriter, rated 'A-' by Standard & Poor’s and A.M. Best. For further details, attendees can visit www.argolimited.com/investors.
Argo Group International Holdings (NYSE: ARGO) has appointed Scott Kirk as chief financial officer, effective March 1, 2021. Kirk brings extensive experience from his previous roles, including CFO at Aspen Insurance Holdings. Board Chairman Thomas A. Bradley emphasized Kirk’s suitability for the role, stating it aligns with the company's strategy for profitable growth and shareholder value enhancement. Kirk succeeds Jay Bullock, who announced his departure last year. Argo is rated ‘A-’ by Standard & Poor’s and A.M. Best, specializing in specialty insurance products in the property and casualty market.
Argo Group International Holdings (NYSE: ARGO) announced that its fourth-quarter 2020 results will be negatively impacted by estimated losses of $38 million from natural catastrophes, primarily hurricanes Delta and Zeta. About two-thirds of these losses occurred in International Operations. Additionally, the company expects net losses of $13 million attributed to the ongoing COVID-19 pandemic, mainly due to contingency exposures in its International Operations. These figures reflect pre-tax losses, net of reinsurance recoveries.
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