Simplified Business Model: Completed sale of Argo Underwriting Agency Limited and its Lloyd’s Syndicate 1200 on February 2, 2023, transforming Argo into a focused, pure play U.S. specialty insurer.
Further Strengthened and De-Risked Balance Sheet: Completed U.S. loss portfolio transfer. In the fourth quarter 2022, recognized an after tax charge of approximately $100.0 million in connection with the transaction.
Reduced Catastrophe Exposure: Total catastrophe losses were $9.4 million in the fourth quarter 2022. Full year 2022 total catastrophe losses of $44.0 million were more than 50% lower compared to the prior year.
HAMILTON, Bermuda – February 27, 2023 – Argo Group International Holdings, Ltd. (NYSE: ARGO) (“Argo” or the “company”) today announced financial results for the three months and year ended December 31, 2022.
“2022 was a transformative year for the company,” said Argo Executive Chairman and Chief Executive Officer, Thomas A. Bradley. “The strategic actions we have taken strengthened Argo and better position it to deliver strong returns moving forward. The Argo of today is markedly different from the Argo of only two years ago. We have streamlined the company to focus on our most profitable business lines, achieved targeted expense reductions, and continued to de-risk the balance sheet. At the same time, we have remained nimble in the marketplace responding to the needs of customers and business partners. We are excited about our next chapter as part of Brookfield Reinsurance. We believe the merger transaction that we announced on February 8, 2023, will enhance our opportunities for growth, and scale Argo into a market leading specialty insurer with capabilities across admitted and E&S markets. Lastly, I want to thank our leadership team and employees for their dedication over the past year as we worked through the strategic alternatives review process.”