- Reduced Catastrophe Losses: Total catastrophe losses of $3.6 million were 59% lower than the first quarter 2022; reflects volatility reduction efforts through exiting businesses with property catastrophe exposure.
- Disciplined Expense Focus: Expense ratio of 35.1% improved 90 basis points from the prior year first quarter, driven in part by ongoing cost reduction efforts.
- Continued Strategic Growth in U.S. Ongoing Business:S. Operations earned premiums decreased 3% from the prior year first quarter, while earned premiums from U.S. ongoing business grew approximately 6%, primarily attributable to business lines where the company retains more of the risk on a net basis.
Hamilton, Bermuda – May 8, 2023 – Argo Group International Holdings, Ltd. (NYSE: ARGO) (“Argo” or the “company”) today announced financial results for the three months ended March 31, 2023.
“We are pleased with the overwhelming shareholder support received for the announced merger with Brookfield Reinsurance at Argo’s special meeting of shareholders held on April 19, 2023,” said Argo Executive Chairman and Chief Executive Officer, Thomas A. Bradley. “The level of shareholder support reflects investor confidence that this transaction maximizes shareholder value and represents the best path forward for Argo. As we have started working closely with Brookfield Reinsurance on integration planning, we have developed an even greater appreciation for how this partnership will enhance our strong franchise and future growth prospects. While preparations for the merger’s closing move ahead, we remain focused on responding to the needs of customers and business partners. We continue to expect to complete the merger in the second half of 2023, subject to customary closing conditions, including receipt of required regulatory approvals.”
View the Full 1st Quarter Release
U.S. ongoing business excludes the following businesses the company has sold, including sales of Contract Binding P&C in October 2021 and U.S. Specialty Property in December 2021, and the exits of our grocery and retail business and certain program business.