Argo Group Comments on Results for Second Quarter 2019, Schedules Earnings Release and Conference Call
Argo Group International Holdings, Ltd. (“Argo” or the “Company”) (NYSE: ARGO) announced today that its results for the second quarter of 2019 will be adversely affected by several loss items in the London, Europe, and Bermuda operations. Key items affecting the quarter include:
- Prior accident year losses of approximately $22.5 million or 5.2 points on Argo’s consolidated loss ratio for the second quarter. Reserve increases primarily impacted the Company’s Bermuda casualty business unit, and to a lesser extent European and London operations within Argo’s International Operations, offset by modest reserve decreases within Argo’s U.S. Operations.
- Current accident year losses of approximately $10 million or 2.3 points on Argo’s consolidated loss ratio for the second quarter. The increased losses primarily relate to a number of large losses, driven by property and energy lines, affecting Argo’s International Operations.
“The losses we reported today reflect specialty insurance businesses that are subject to occasional volatility related to a number of large losses that we don’t believe are an indication of a longer term trend,” said Argo Group CEO Mark E. Watson III.
“Our Bermuda casualty business has a strong track record of performance and has been very profitable over the long-term. The results in Europe and London are primarily related to businesses that we have previously exited or where we have taken aggressive remedial underwriting actions.”
Argo Schedules Earnings Release for August 5, 2019
The company will release second quarter 2019 financial results after the close of U.S. financial markets on Monday, August 5, 2019. Company management will conduct an investor conference call starting at 10 a.m. EDT on Tuesday, August 6, 2019.
Instructions for Connecting to the August 6, 2019 Conference Call
A live webcast of the conference call can be accessed at https://services.choruscall.com/links/argo190806.html. Participants in the U.S. can access the call by dialing (877) 291-5203. Callers dialing from outside the U.S. can access the call by dialing (412) 902-6610. Please ask the operator to be connected to the Argo Group earnings call.
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A webcast replay will be available shortly after the live conference call and can be accessed at https://services.choruscall.com/links/argo190806.html. A telephone replay of the conference call will be available through August 13, 2019, to callers in the U.S. by dialing (877) 344-7529 (conference #10133996). Callers dialing from outside the U.S. can access the telephone replay by dialing (412) 317-0088 (conference #10133996).