Argo Group Reports 2020 Fourth Quarter Results
Argo Group International Holdings announced financial results for the three months and year ended December 31, 2020.
Argo reported a fourth quarter 2020 net loss attributable to common shareholders of $19.7 million or $[0.57] per diluted common share, compared to a net loss attributable to common shareholders of $103.3 million or $[3.01] per diluted common share for the 2019 fourth quarter.
Operating loss in the fourth quarter of 2020 was $18.2 million or $[0.52] per diluted common share, compared to an operating loss of $73.9 million or $[2.15] per diluted common share for the 2019 fourth quarter.
“We are encouraged by the improved underlying margins of our business during the quarter, as well as the actions taken to create a more focused and efficient company,” said Argo Chief Executive Officer Kevin J. Rehnberg.
“While heightened 2020 catastrophe and COVID-19 losses resulted in a disappointing financial outcome, we made significant progress on our strategic objectives and achieved meaningful growth in most of our top-performing businesses – including Argo Pro, Construction and Inland Marine. We expect a sustained positive growth trajectory and continued benefits from market conditions throughout 2021, with the capital to meet those opportunities.”
