Argo has spent the past year assessing all lines of business and assigning resources to achieve the best profitability possible.
Argo has spent the past year assessing all lines of business and assigning resources to achieve the best profitability possible.
This means investing more resources in profitable business units, carefully managing expenses, and divesting the organization of products or operations that are not meeting expectations.
This strategy will carry the company into 2020 and beyond. The results will not be instantaneous, and work is ongoing – but this is the surest path to continued success for Argo’s clients, partners and shareholders.
In 2019, Argo achieved its strongest ever gross written premium results, expanded profitable lines of business, and focused on a strategy to bring these successful models across the entire organization.
Year-over-year financial results
2019
2018
2017
U.S. OPERATIONS 2019
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2019 gross written premium: $1.86 billion
In 2019, Argo Pro, Argo Environmental, Argo Construction, Argo Transportation and Inland Marine all saw growth in double-digit percentages over 2018. The scale and the speed at which these segments are operating is exciting and speaks well for the future.
2019 SEGMENT GWP GROWTH
13%+
Property
35%+
Management & Professional Lines
14%+
Specialty
MARKET RATE IMPROVEMENTS
In Argo’s U.S. Operations, multiple lines of business saw rate increases that Argo is positioned to capitalize on. Argo Casualty, Argo Pro and Argo Property saw rate increases of between 4% and 13% in 2019.
INTERNATIONAL OPERATIONS
Gross written premium for International Operations was up for the year, from $1.263 billion to $1.270 billion. Despite a number of large losses and unfavorable prior-year development across a number of lines, Argo has taken action to improve underwriting results and return to profitability across the entire company.
SEEKING EFFICIENCIES
As part of the remedial action in Argo’s International Operations, a number of geographies were exited in 2019. We closed our office in Shanghai and our Latin American operation out of Miami, eliminating areas that were not returning the results needed to justify their continuation. The company continues to enjoy access to all current markets through Bermuda and Argo’s Syndicate 1200 platform at Lloyd’s of London.