3 November 2020News

Argo reports a Q3 net loss of $31.6m

Argo Group International Holdings has reported a year on year increase in its third quarter losses, but insisted it is heading in the right direction as it restructures its business.

Argo reported a Q3 2020 net loss of $31.6 million. In the same period of 2019 Argo made a net loss of $25.1 million.

Gross written premiums inched up to $890.2, from $882.7 in the same period the previous year, while its combined ratio inched down to 110.7 percent from 111.4 percent in Q3 2019.

Kevin Rehnberg, Argo’s chief executive officer, said he was pleased with the improved underlying margins of the business, and the actions Argo has taken to simplify its operations and exit lines that do not meet profitability expectations or align with its strategy.

"While the industry faced historic levels of catastrophe activity in the third quarter, we have continued to make progress on our strategic objectives,” he said.

“This progress combined with continued gross written premium growth within profitable lines of business, improvement in pricing and a plan to reduce expenses demonstrates our firm commitment to continuing on a path toward increased shareholder value.”