Argo reports a $76m loss for 2020
Argo Group International Holdings reported a significant year on year increase in its losses in 2020 but insisted it was making progress improving efficiency in the business.
Argo reported a net loss of $76.5 million for the year ended 2020, a significant increase on the $8.4 million loss recorded in 2019.
In the fourth quarter, however, the picture was reversed, with a net loss of $19.7 million for 2020 a marked improvement on 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. It edged up to $717.6 million in Q4 2020, from $712.8 million in the same period the previous year.
Argo's combined ratio was down 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.
Kevin Rehnberg, Argo’s chief executive officer, said he was encouraged by the improved underlying margins of the business during Q4, and the actions the company has taken to increase efficiency.
“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,” said Rehnberg. “We expect a sustained positive growth trajectory and continued benefits from market conditions throughout 2021, with the capital to meet those opportunities.”
