Argo admits disappointment as it records a Q1 loss

Argo posted a loss for the first quarter of 2020, but said it remains committed to its long term strategy for delivering shareholder value.

Argo made a loss of $18.8 million in Q1 2020, compared to the $91.2 million profit recorded in Q1 2019.

It reported gross written premium of $825.9 million in Q1 2020, up from $760.8 million in the same period of 2019. Its combined ratio increased to 103.2 percent, from 94.7 percent in Q1 2019.

Kevin Rehnberg, Argo’s chief executive officer, admitted the re/insurer was not satisfied with its overall performance, despite its premium growth and positive operating performance. “While we expect the premium and loss impact of COVID-19 to be challenging in 2020, we are committed to maintaining financial strength and implementing our strategy to drive long-term shareholder value,” he said. That strategy comprises “a focused review of our businesses; investment where there is significant opportunity; and a focus on maximising underwriting profitability.”