- Gross written premium of $825.9 million, up 8.6%, reflects strong growth in the U.S.
- Combined ratio of 103.2% and CAY ex-CAT combined ratio of 95.9%.
- Net investment income increased 4.7% to $35.5 million.
- Net loss of $18.8 million or $(0.55) per diluted share.
- Operating income of $12.6 million or $0.36 per diluted share.
HAMILTON, Bermuda – May 7, 2020 – Argo Group International Holdings, Ltd. (NYSE: ARGO) (“Argo” or the “Company”) today announced financial results for the three months ended March 31, 2020.
“We achieved strong premium growth and positive operating results in the first quarter, but we are still not satisfied with our overall performance,” said Argo Chief Executive Officer Kevin J. Rehnberg. “While we expect the premium and loss impact of COVID-19 to be challenging in 2020, we are committed to maintaining financial strength and implementing our strategy to drive long-term shareholder value – a focused review of our businesses; investment where there is significant opportunity; and a focus on maximizing underwriting profitability.
“I appreciate the dedication of the Argo team during these unprecedented times as they work tirelessly to serve our clients.”
View the 2020 First Quarter recap.
Head of Investor Relations
Senior Vice President, Group Communications