Argo Group losses widen in 2020; CEO praises increased efficiency
Bermuda-based Argo Group International Holdings reported a higher loss in 2020 than in the previous financial year but its chief executive Kevin Rehnberg said he was "encouraged" by the improved underlying margins of the business during the fourth quarter, and the actions taken by the company to increase efficiency.
The re/insurer reported a net loss of $76.5 million for full-year 2020, a significant increase on the $8.4 million loss recorded in 2019.
In the fourth quarter, it saw a net loss of $19.7 million, compared with the $103.3 million loss reported in Q4 2019.
Gross written premiums for the full year 2020 were $3.23 billion, up from $3.13 billion in 2019. GWP in Q4 was $717.6 million, up from $712.8 million in the same period a year ago.
Argo’s combined ratio was improved to 106.2 percent in 2020, from 109.1 percent in 2019. In Q4 2020 it was down to 110 percent, having been at 126.7 percent.
Rehnberg, Argo’s chief executive officer, said: “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.”
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