Business

Argo Group losses narrow despite Covid impact

Whilst the property and casualty underwriter posted losses across the board, it marked an improvement against its 2019 results

Argo Group saw losses narrow across the board in both its Q4 and full-year results, reporting an underwriting loss of $46.8m (£33.5m) in Q4, an improvement on the $113.6m (£81.5m)it reported the same period last year.

Meanwhile, underwriting loss for the full-year results was $109.6m (£78.6m) marking an improvement on the $157m (£112m ) loss reported in 2019. 

It revealed its operating loss in the fourth quarter of 2020 was $18.2m (£13m), up from a $73.9m (£53m) loss the prior year. Its full-year operating loss was $22.3 (£16m), again marking an improvement on the $30.8m (£22.1m ) loss reported in 2019.  

In addition, its net loss attributable to common shareholders was $19.7m (£14.1m) in Q4, up from a loss of $103.3m (£74.1m ) in 2019. However, whilst its net loss was $76.6m (£54.8m) in its full-year results, this marked a significant decline against the net loss of $8.4m in 2019. 

Kevin J. Henberg, the group’s CEO, 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.”

Henberg also noted the insurer’s “improved underlying margins” over the period, as well as the group’s actions to create a more focused and engaged organisation.

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