Argo Group warns on $16.5m one-off Q1 hit
Bermuda-based Argo Group International Holdings said that it expects its 2017 first-quarter results to be impacted by non-recurring charges totalling $16.5 million.
The charges include $2.5 million of transaction costs related to the recent acquisition of Ariel Re, restructuring and start-up costs of $4 million associated with the transition of certain infrastructure and application information technology functions to third party managed service providers as part of ongoing operating efficiency initiatives, additional late reported claims from Hurricane Matthew of $5 million; and an estimated impact of $5 million to incorporate the recent change in the UK Ogden discount rate.
Argo will report first quarter 2017 financial results after the close of US financial markets on May 3, 2017.
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