- Pending merger with Brookfield Reinsurance: We continue to expect the merger to close the second half of 2023, subject to customary closing conditions, including receipt of required regulatory approvals.
- Low Catastrophe Losses: Total catastrophe losses were $3.1 million for second quarter 2023; catastrophe losses for the first six months of 2023 were 40% lower than the same period in 2022.
- Improved Efficiency: Expense ratio of 33.6% improved 1.8 percentage points from the prior year second quarter.
Hamilton, Bermuda – August 7, 2023 – Argo Group International Holdings, Ltd. (NYSE: ARGO) (“Argo” or the “company”) today announced financial results for the three and six months ended June 30, 2023.
“Our second quarter performance further reflects the proactive steps we are taking to prioritize improving profitability,” said Argo Executive Chairman and Chief Executive Officer, Thomas A. Bradley. “Our top line results reflect our deliberate and disciplined actions in certain lines of business. However, we continue to achieve growth across the rest of the portfolio, notably in our environmental, inland marine and casualty segments. This is a testament to the importance of a diversified book of specialty businesses. We have remained focused on lowering expenses and reducing earnings volatility. The success of these efforts was demonstrated in the second quarter by further improvement in the expense ratio, and a low level of catastrophe losses, despite elevated industry catastrophe losses during the period.
“We also continue to collaborate closely with Brookfield Reinsurance on integration planning as we wait for the required regulatory approvals on the pending merger, and anticipate an orderly transition for our customers and business partners once the transaction is completed.”
View the Full 2nd Quarter Release