Argo Group Reports 2020 Third Quarter Results
Argo Group International Holdings announced financial results for the three and nine months ended September 30, 2020.
Argo reported third quarter 2020 net loss attributable to common shareholders of $31.6 million or $[0.91] per diluted common share, compared to a net loss attributable to common shareholders of $25.1 million or $[0.73] per diluted common share for the 2019 third quarter.
Operating loss in the third quarter of 2020 was $11.9 million or $(0.34) per diluted common share, compared to an operating loss of $15.2 million or $(0.44) per diluted common share for the 2019 third quarter,” the company said.
“We are pleased with the improved underlying margins of our business during the quarter, as well as the actions taken to simplify operations and exit lines that do not meet profitability expectations or are not aligned with our strategy,” said Argo Chief Executive Officer Kevin J. Rehnberg. “While the industry faced historic levels of catastrophe activity in the third quarter, we have continued to make progress on our strategic objectives.
“This progress combined with continued gross written premium growth within profitable lines of business, improvement in pricing and a plan to reduce expenses demonstrates our firm commitment to continuing on a path toward increased shareholder value.”
