- 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.”
View the 2021 First Quarter Recap.
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