Argo Group suffers wider half-year loss

Worldwide underwriter Argo Group has introduced its monetary outcomes for the quarter and half yr ended June 30, 2023.

The corporate, whose merger with Brookfield Reinsurance remains to be awaiting completion, reported the next numbers:

In the course of the quarter, Argo’s underwriting loss amounted to $22.4 million, whereas the underwriting loss for the six-month span stood at $54.1 million. A yr in the past, the group loved constructive underwriting ends in each intervals.

Commenting on the quarterly outcomes, Argo government chair and chief government Thomas A. Bradley stated: “Our second quarter efficiency additional displays the proactive steps we’re taking to prioritize enhancing profitability. Our high line outcomes mirror our deliberate and disciplined actions in sure traces of enterprise.

“Nevertheless, we proceed to realize development throughout the remainder of the portfolio, notably in our environmental, inland marine, and casualty segments. It is a testomony to the significance of a diversified e-book of specialty companies.

“We’ve got remained centered on decreasing bills and decreasing earnings volatility. The success of those efforts was demonstrated within the second quarter by additional enchancment within the expense ratio, and a low stage of disaster losses, regardless of elevated business disaster losses through the interval.”

Argo, which agreed to be offered to Brookfield Reinsurance for about $1.1 billion, is ready for the required regulatory approvals to make the sale official.

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