Argo CEO ‘encouraged’ by growth despite second year of loss

Bermuda-based  Argo Group International Holdings has posted a net loss for two years in a row, despite taking actions to trim volatility and tighten cost. Its chief executive Kevin Rehnberg (pictured), however, remains “encouraged” by the “underlying strengths” of the business.

The re/insurer reported a $4.7 million net loss for the full-year 2021, compared with $58.7 million loss the year before.

Gross written premiums fell by 1.6% to $3.2 billion in 2021, compared with $3.23 billion in 2020. Argo attributed the decrease to businesses that it has either exited, plans to exit or has sold.

Similarly, the combined ratio deteriorated to 105.6% for the full year, against 105.4% in 2020.

“Our strategic priorities of pursuing profitable growth, reducing volatility, and disciplined expense management are evident in our 2021 current accident year underwriting results,” said Argo Group chief executive officer Kevin Rehnberg.

“We remain encouraged by the continued growth and underlying strength of our ongoing business.”

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