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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, Ltd. (NYSE: ARGO) will announce its 2020 fourth quarter financial results after the U.S. market close on February 17, 2021. An investor conference call is scheduled for February 18, 2021, at 10 a.m. EST, allowing investors to gain insights directly from management. Access to the call will be provided through a live webcast, and replays will be available shortly after. Argo specializes in specialty insurance products with strong ratings from Standard & Poor’s and A.M. Best.
Argo Group International Holdings announced the sale of its Italian operations, ArgoGlobal Assicurazioni S.p.A, to Perfuturo Capital AG. This deal is pending regulatory approval and is expected to close in early 2021. The move is part of Argo's strategy to simplify its business and focus on profitable specialty insurance lines. Perfuturo aims to leverage its expertise in the European market to enhance AGA's growth potential. Argo Group is rated 'A-' by both Standard & Poor's and A.M. Best, reinforcing its financial reliability.
Argo Group International Holdings Ltd. (NYSE: ARGO) has completed the sale of Ariel Re to Pelican Ventures and J.C. Flowers & Co. This strategic move aims to simplify operations as Argo transitions to a U.S.-focused specialty insurer. The company received $30 million at closing, while retaining responsibility for accounts prior to 2021. This transaction's financial impact on GAAP book value is expected to be immaterial, and it will be reflected in Argo's fourth-quarter 2020 results.
Argo Group International Holdings, Ltd. (NYSE: ARGO) has declared a quarterly cash dividend of $0.31 per share. This dividend will be paid on December 4, 2020, to shareholders on record as of November 20, 2020. The company specializes in underwriting specialty insurance and reinsurance products focused on property and casualty markets, catering to both U.S. and international operations. Argo's insurance subsidiaries are rated ‘A-’ by both Standard & Poor’s and A.M. Best.
Argo Group International Holdings reported a net loss of $31.6 million for Q3 2020, compared to a loss of $25.1 million in Q3 2019. The operating loss decreased to $11.9 million from $15.2 million. Gross written premiums increased by 0.8% year-over-year to $890.2 million, while net written premiums saw a slight decline of 0.9%. The combined ratio improved slightly to 110.7% from 111.4%. Significant challenges included $71.2 million in catastrophe losses, including impacts from COVID-19. Despite these hurdles, the company aims to enhance shareholder value through strategic operational improvements.
Argo Group International Holdings, Ltd. (NYSE: ARGO) has announced an agreement to sell its reinsurance business, Ariel Re, to private equity investors Pelican Ventures and J.C. Flowers & Co. The transaction is subject to regulatory approval and is projected to close in 2020. CEO Kevin J. Rehnberg expressed confidence in Ariel Re's future and emphasized that Argo will focus on specialty insurance lines to enhance shareholder value. The buying group will provide Ariel Re’s capital for the 2021 year of account, while Argo retains historical reserves.
Argo Group International Holdings, Ltd. (NYSE: ARGO) announced that its third-quarter 2020 results will be negatively impacted by approximately $54 million in natural catastrophe losses and $17 million related to COVID-19. The losses stem from recent natural disasters, including Hurricanes Hanna, Laura, and Sally, along with wildfires and a Midwest derecho, affecting both U.S. and International Operations. The estimates are pre-tax and net of reinsurance recoveries, underscoring significant operational challenges faced by the company during this period.
ArgoGlobal, a Lloyd's insurer and part of Argo Group (NYSE: ARGO), announced a reinsurance-to-close (RITC) transaction with RiverStone, covering Syndicate 1200 for 2017 and prior years, totaling net technical provisions of £356 million. This strategic move aims to simplify the business, reduce costs, and enhance operational efficiency, allowing Argo to redeploy capital for increased shareholder value. The transaction is subject to regulatory approval, expected in Q4 2020, with an effective date of January 1, 2021.
Argo Group International Holdings Ltd. (NYSE: ARGO) has appointed Allison Kiene as general counsel, focusing on legal and compliance teams. Kiene's experience spans various roles in the insurance industry, enhancing Argo's leadership as it aims to simplify operations and drive growth in profitable sectors. Former U.S. general counsel, Susan Comparato, transitions to lead Programs, Transportation, and Alternative Risk Solutions. Argo Group, rated 'A-' by Standard & Poor's and A.M. Best, specializes in specialty insurance and reinsurance products.
Argo Group International Holdings, Ltd. (NYSE: ARGO) will release its third quarter financial results for 2020 after U.S. market close on November 2, 2020. Management will host an investor conference call on November 3, 2020, at 10 a.m. EDT. The call will be accessible via a live webcast or by phone for U.S. and international participants. Argo is known for its specialty insurance and reinsurance products, with its subsidiaries rated "A-" (Excellent) by A.M. Best and "A-" (Strong) by Standard and Poor's.
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