Business

Argo reports £18m net loss in Q1 results

Insurance company Argo has reported a net loss of $18.8m (£15.1m) in its Q1 results compared with $91.2m (£73.4m) last year. 

In the three months ended 31 March 2020, the group reported an 8.6% increase in gross written premiums to $825.9m (£338.6m).

Argo also reported an operating income of $12.6m (£10.2m).

Chief executive officer, Kevin Rehnberg, said: “We achieved strong premium growth and positive operating results in the first quarter, but we are still not satisfied with our overall 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 – a focused review of our businesses; investment where there is significant opportunity; and a focus on maximizing underwriting profitability.”

He added: “I appreciate the dedication of the Argo team during these unprecedented times as they work tirelessly to serve our clients.”

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