Argo Reports 2021 Third Quarter Results
Argo Group International Holdings, Ltd. [Argo] announced financial results for the three and nine months ended September 30, 2021.
Argo reported third quarter 2021 net income attributable to common shareholders of $19.8 million or $0.56 per diluted common share, compared to a net loss attributable to common shareholders of $[25.1] million or $[0.72] per diluted common share for the 2020 third quarter. Operating income in the third quarter of 2021 was $31.7 million or $0.91 per diluted common share, compared to an operating loss of $[10.0] million or $[0.29] per diluted common share for the 2020 third quarter.
“Argo continues to pursue profitable growth, improve underwriting margins, reduce volatility and maintain disciplined expense management,” said Argo Chief Executive Officer Kevin J. Rehnberg. “The successful implementation of our strategy is evidenced in our financial performance. As we continue to optimize our business mix, the underlying strength of our core lines of business is more clear.”
“We are particularly pleased that our efforts to reduce property catastrophe exposure have led to a significant improvement in our results, against the backdrop of the elevated catastrophe losses the insurance industry experienced this quarter.”
