0001157523-20-000709.txt : 20200507 0001157523-20-000709.hdr.sgml : 20200507 20200507162918 ACCESSION NUMBER: 0001157523-20-000709 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200507 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200507 DATE AS OF CHANGE: 20200507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Argo Group International Holdings, Ltd. CENTRAL INDEX KEY: 0001091748 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 980214719 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15259 FILM NUMBER: 20856925 BUSINESS ADDRESS: STREET 1: 110 PITTS BAY ROAD CITY: PEMBROKE STATE: D0 ZIP: HM 08 BUSINESS PHONE: 4412965858 MAIL ADDRESS: STREET 1: 110 PITTS BAY ROAD CITY: PEMBROKE STATE: D0 ZIP: HM 08 FORMER COMPANY: FORMER CONFORMED NAME: PXRE GROUP LTD DATE OF NAME CHANGE: 19990724 8-K 1 a52216601.htm ARGO GROUP INTERNATIONAL HOLDINGS, LTD. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549
 
FORM 8-K
 
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 

Date of Report (Date of earliest event reported): May 7, 2020
 
Argo Group International Holdings, Ltd.
(Exact name of registrant as specified in its charter)
 
Bermuda
  
001-15259
  
98-0214719
(State or other jurisdiction
of incorporation)
  
(Commission
File Number)
  
(I.R.S. Employer
Identification No.)
 
110 Pitts Bay Road
Pembroke HM 08
Bermuda
P.O. Box HM 1282
Hamilton HM FX
Bermuda
(Address, Including Zip Code,
of Principal Executive Offices)
(Mailing Address)
 
Registrant’s telephone number, including area code:  (441) 296-5858
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act  (17 CFR 230.425)

☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
   Trading Symbol(s)
  
Name of each exchange
on which registered
Common Stock, par value of $1.00 per share
   ARGO
   New York Stock Exchange
Guarantee of Argo Group U.S., Inc. 6.500% Senior Notes due 2042
   ARGD
   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.  Results of Operations and Financial Condition.
 
On May 7, 2020, Argo Group International Holdings, Ltd. issued a press release announcing its financial results for the fiscal quarter ended March 31, 2020. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
 
Item 9.01.  Financial Statements and Exhibits.
 
(d) Exhibits:
 
No.
  
Exhibit
 
104
  
Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

 
Dated:  May 7, 2020
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
       
  By:
/s/ Jay S. Bullock          
    Name:
Jay S. Bullock
    Title:
Executive Vice President and Chief Financial Officer


EX-99.1 2 a52216601ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Argo Group Reports 2020 First Quarter Results

First Quarter Results Supported by Strong Premium Growth in U.S. Operations
 
 
●
Gross written premium of $825.9 million, up 8.6%, reflects strong growth in the U.S.
 
●
Combined ratio of 103.2% and CAY ex-CAT combined ratio of 95.9%.
 
●
Net investment income increased 4.7% to $35.5 million.
 
●
Net loss of $18.8 million or $(0.55) per diluted share.
 
●
Operating income of $12.6 million or $0.36 per diluted share.

HAMILTON, Bermuda – May 7, 2020 – Argo Group International Holdings, Ltd. (NYSE: ARGO) (“Argo” or the “Company”) today announced financial results for the three months ended March 31, 2020.

“We achieved strong premium growth and positive operating results in the first quarter, but we are still not satisfied with our overall performance,” said Argo Chief Executive Officer Kevin J. Rehnberg. “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.

“I appreciate the dedication of the Argo team during these unprecedented times as they work tirelessly to serve our clients.”
 
2020 First Quarter Operating Highlights
 
Consolidated:
 
$ in millions
  
Three months ended
March 31,
    
Y/Y

Consolidated
  
2020
    
2019
    
Change
  
                     
                     
Gross written premium
  
$
825.9
    
$
760.8
      
8.6
%
Net written premium
    
380.5
      
360.9
      
5.4
%
Earned premium
    
435.0
      
420.5
      
3.4
%
                         
Underwriting income (loss)
    
(13.9
)
    
22.4
      
-162.1
%
Net investment income
    
35.5
      
33.9
      
4.7
%
                         
Net income (loss)
  
$
(18.8
)
  
$
91.2
      
-120.6
%
                         
Operating income
  
$
12.6
    
$
41.5
      
-69.6
%
                         
Loss ratio
    
64.6
%
    
56.6
%
  
8.0p
 ts
Expense ratio
    
38.6
%
    
38.1
%
  
0.5p
 ts
Combined ratio
    
103.2
%
    
94.7
%
  
8.5p
 ts

●
Gross written premium grew 8.6% to $825.9 million, compared to $760.8 million for the 2019 first quarter. Growth was experienced in our U.S. segment while premium growth in our International segment was relatively flat compared to the prior year quarter.
●
The combined ratio was 103.2% compared to 94.7% for the 2019 first quarter. The higher combined ratio was primarily driven by catastrophe losses of $29.1 million, including $26.2 million related to the COVID-19 pandemic, primarily resulting from contingency and property exposures in the company’s International Operations and property exposures in its U.S. Operations. Additionally, reserve development added 0.6 points to the loss ratio in the first quarter of 2020, compared to releases of 0.6 points in the prior year quarter. Net reserve strengthening was reported in Argo’s U.S. Operations, although the overall level of reserve development was modest in the quarter.

1

●
The CAY ex-CAT combined ratio was 95.9% compared to 94.0% in the prior year quarter. The increase in the CAY ex-CAT combined ratio was primarily due to an increase in the CAY ex-CAT loss ratio in U.S. Operations, as well as a modest increase in the expense ratio.
●
Net investment income of $35.5 million increased 4.7% compared to the 2019 first quarter. Net investment income on the core portfolio increased 3.1% to $33.0 million, while alternative investments, which are reported on a lag, contributed $2.5 million in the first quarter of 2020.
●
Net loss was $18.8 million or $(0.55) per diluted share, compared to net income of $91.2 million or $2.63 per diluted share for the 2019 first quarter. The 2020 first quarter result included pre-tax realized losses of $36.1 million compared to pre-tax realized gains of $52.5 million in the prior year period.
●
Operating income was $12.6 million or $0.36 per diluted share, compared to operating income of $41.5 million or $1.20 per diluted share for the 2019 first quarter. The primary driver of the decline in operating income was lower underwriting income in the first quarter of 2020, reflecting increased catastrophe losses and modest reserve strengthening.

U.S. Operations:
 
$ in millions
  
Three months ended
March 31,
    
Y/Y

U.S. Operations
  
2020
    
2019
    
Change
  
                     
                     
Gross written premium
  
$
476.5
    
$
410.7
      
16.0
%
Net written premium
    
269.4
      
248.4
      
8.5
%
Earned premium
    
302.5
      
273.8
      
10.5
%
                         
Losses and loss adjustment expenses
    
189.6
      
154.8
      
22.5
%
Underwriting, acquisition and insurance expenses
    
96.1
      
94.2
      
2.0
%
Underwriting income
  
$
16.8
    
$
24.8
      
-32.3
%
                         
Loss ratio
    
62.7
%
    
56.5
%
  
6.2p
 ts
Expense ratio
    
31.8
%
    
34.4
%
  
-2.6p
 ts
Combined ratio
    
94.5
%
    
90.9
%
  
3.6p
 ts

●
Gross written premium growth in the 2020 first quarter was achieved in Professional and Liability lines, while writings within Property and Specialty lines were consistent with amounts written in the 2019 first quarter. The overall increase in gross written premium reflects the continued execution of strategic growth and digital initiatives, a continued positive rate environment and solid new and renewal business growth.
●
Net earned premium growth in the first quarter of 2020 was driven by the growth in gross written premium partially offset by the increased use of reinsurance. All major lines of business, with the exception of Liability, reported growth in net earned premium compared to the 2019 first quarter.
●
The loss ratio for the first quarter of 2020 was 62.7%, an increase of 6.2 points compared to the prior year quarter. The higher loss ratio was driven by a 1.9 point increase in the CAY ex-CAT loss ratio, 1.1 points of unfavorable net prior-year reserve development compared to favorable net prior-year reserve development in the 2019 first quarter, and an increase of 1.7 points from higher catastrophe-related losses, primarily due to expected claim related expenses associated with COVID-19. The higher CAY ex-CAT loss ratio was primarily due to higher expected losses in Professional and Liability lines, as well as a single large loss in Liability. The unfavorable net prior-year reserve development in the current quarter was largely due to strengthening in Professional and Liability lines, partially offset by releases in Specialty lines.
●
The expense ratio for the first quarter of 2020 was 31.8%, an improvement of 2.6 points compared to the 2019 first quarter. The improvement in the expense ratio was driven by growth in earned premium ahead of a modest increase in expenses, additional ceding commissions received and shifts in business mix.

2
International Operations:
 
$ in millions
  
Three months ended
March 31,
    
Y/Y

International Operations
  
2020
    
2019
    
Change
  
                     
Gross written premium
  
$
349.2
    
$
350.1
      
-0.3
%
Net written premium
    
110.9
      
112.5
      
-1.4
%
Earned premium
    
132.3
      
146.7
      
-9.8
%
                         
Losses and loss adjustment expenses
    
91.5
      
82.4
      
11.0
%
Underwriting, acquisition and insurance expenses
    
60.3
      
55.1
      
9.4
%
Underwriting income (loss)
  
$
-19.5
    
$
9.2
      
-312.0
%
                         
Loss ratio
    
69.1
%
    
56.2
%
  
12.9p
 ts
Expense ratio
    
45.6
%
    
37.5
%
  
8.1p
 ts
Combined ratio
    
114.7
%
    
93.7
%
  
21.0p
 ts

●
Gross written premium growth was approximately flat in the first quarter of 2020, as growth in Specialty and Liability lines was offset by a decrease in Property lines. All lines of business experienced rate increases during the first quarter, with particular strength in Liability, Property and Marine lines. The pricing environment is a continuation of the positive trends experienced in recent quarters. Rate increases across Argo’s International Operations were partially offset by certain risk management actions, such as reducing line sizes in some classes of business.
●
Net earned premium in the first quarter of 2020 decreased 9.8% from the prior year quarter. The decline was driven by higher ceded premium under certain reinsurance contracts, as well as additional reinstatement premiums incurred during the quarter.
●
The loss ratio for the first quarter of 2020 was 69.1%, an increase of 12.9 points compared to the prior year quarter. The increase in the loss ratio was primarily due to higher catastrophe losses in the quarter, largely attributed to estimated losses related to the COVID-19 pandemic in contingency and property exposures. Property losses relate to sub-limited affirmative business interruption coverage. The CAY ex-CAT loss ratio was consistent with the 2019 first quarter.
●
The expense ratio for the first quarter of 2020 was 45.6%, an increase of 8.1 points from 37.5% for the 2019 first quarter due to lower earned premium and higher non-acquisition expenses. The increase in absolute expenses are primarily due to costs associated with increased participation in our Lloyd’s syndicates where greater expense is recognized ahead of a higher level of earned premium, as well as non-recurring charges related to reduction in personnel.

Balance Sheet:
 
●
Book value per share decreased 7.9% to $47.37 at March 31, 2020, compared to $51.80 at December 31, 2019 primarily due to net realized and unrealized losses in the investment portfolio. Through April 30, 2020, Argo has recovered approximately half of the decline in shareholders’ equity as a result of a recovery in assets values and closing of the previously announced sale of Trident Public Risk Solutions.
●
Argo’s Board of Directors declared a quarterly cash dividend of $0.31 per share that will be paid on June 12, 2020 to shareholders of record on May 29, 2020.
●
The Company did not repurchase any shares of its common stock during the first quarter of 2020.


Refer to Non-GAAP Financial Measures below.
3
CONFERENCE CALL
Argo Group management will conduct an investor conference call starting at 11:00 a.m. EDT on Friday, May 8, 2020. A live webcast of the conference call can be accessed at https://services.choruscall.com/links/argo200508.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.

A webcast replay will be available shortly after the live conference call and can be accessed at https://services.choruscall.com/links/argo200508.html. A telephone replay of the conference call will be available through May 15, 2020, to callers in the U.S. by dialing (877) 344-7529 (conference 10143599). Callers dialing from outside the U.S. can access the telephone replay by dialing (412) 317-0088 (conference 10143599).

 
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NYSE: ARGO) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group's insurance subsidiaries are A.M. Best-rated 'A-' and Argo Group's U.S. insurance subsidiaries are Standard and Poor's-rated 'A-' (Strong). More information on Argo Group and its subsidiaries is available at www.argolimited.com.

FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as "expect," "intend," "plan," "believe," “do not believe,” “aim,” "project," "anticipate," “seek,” "will," “likely,” “assume,” “estimate,” "may," “continue,” “guidance,” “objective,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” and similar expressions of a future or forward-looking nature.
 
These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual events or results to differ materially.  For a more detailed discussion of such risks and uncertainties, see Item 1A, “Risk Factors” in Argo Group’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, the Current Report on Form 8-K filed on April 30, 2020, and in other filings with the Securities and Exchange Commission (“SEC”). The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo Group that Argo Group's objectives will be achieved. Argo Group undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such statements.

NON-GAAP FINANCIAL MEASURES
In presenting the Company's results, management has included and discussed in this press release certain non-generally accepted accounting principles ("non-GAAP") financial measures within the meaning of Regulation G as promulgated by the SEC. Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain the Company's results of operations in a manner that allows for a more complete understanding of the underlying trends in the Company's business. However, these measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles ("U.S. GAAP").

“Underwriting income” is an internal performance measure used in the management of the Company’s operations and represents net amount earned from underwriting activities (net premium earned less underwriting expenses and claims incurred). Although this measure of profit (loss) does not replace net income (loss) computed in accordance with U.S. GAAP as a measure of profitability, management uses this measure of profit (loss) to focus our reporting segments on generating underwriting income. The Company presents Underwriting income as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.

“Current accident year (CAY) ex-CAT combined ratio” and the “Current accident year (CAY) ex-CAT loss ratio" are internal measures used by the management of the Company to evaluate the performance of its' underwriting activity and represents the net amount of underwriting income excluding catastrophe related charges (impacts to both premium and losses), the impact of changes to prior year loss reserves and other one-time items that would impact expenses or net earned premium. Although this measure does not replace the combined ratio it provides management with a view of the quality of earnings generated by underwriting activity for the current accident year.
4
“Operating income" is an internal performance measure used in the management of the Company's operations and represents after-tax (at an assumed effective tax rate of 15%) operational results excluding, as applicable, net realized investment gains or losses, net foreign exchange gain or loss, and other similar non-recurring items. The Company excludes net realized investment gains or losses, net foreign exchange gain or loss, and other similar non-recurring items from the calculation of operating income because these amounts are influenced by and fluctuate in part, by market conditions that are outside of management’s control. In addition to presenting net income determined in accordance with U.S. GAAP, the Company believes that showing operating income enables investors, analysts, rating agencies and other users of the Company's financial information to more easily analyze our results of operations and underlying business performance. Operating income should not be viewed as a substitute for U.S. GAAP net income.

"Annualized return on average shareholders’ equity" ("ROAE") is calculated using average shareholders' equity. In calculating ROAE, the net income available to shareholders for the period is multiplied by the number of periods in a calendar year to arrive at annualized net income available to shareholders. The Company presents ROAE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. "Annualized operating return on average shareholders' equity" is calculated using operating income (as defined above and annualized in the manner described for net income (loss) available to shareholders under ROAE above) and average shareholders' equity.

The “percentage change in book value per share” includes (by adding) the effects of cash dividends paid per share to the calculated book value per share for the current period. This adjusted amount is then compared to the prior period’s book value per share to determine the period over period change. The Company believes that including the dividends paid per share allows users of its financial statements to more easily identify the impact of the changes in book value per share from the perspective of investors.

Reconciliations of these financial measures to their most directly comparable U.S. GAAP measures are included in the attached tables and footnotes.

 (financial tables follow)

5
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)

 
  
March 31,
    
December 31,
  
 
  
2020
    
2019
  
 
  
(unaudited)
        
Assets
            
Total investments
  
$
4,811.4
    
$
5,099.4
  
Cash
    
158.7
      
137.8
  
Accrued investment income
    
23.2
      
25.7
  
Receivables
    
3,560.0
      
3,792.8
  
Goodwill and intangible assets
    
252.9
      
253.2
  
Deferred acquisition costs, net
    
158.0
      
160.2
  
Ceded unearned premium
    
652.9
      
545.0
  
Other assets
    
584.2
      
500.4
  
Total assets
  
$
10,201.3
    
$
10,514.5
  
                 
Liabilities and Shareholders' Equity
                
Reserves for losses and loss adjustment expenses
  
$
5,067.6
    
$
5,157.6
  
Unearned premium
    
1,460.0
      
1,410.9
  
Ceded reinsurance payable, net
    
1,094.8
      
1,203.1
  
Senior unsecured fixed rate notes
    
140.0
      
140.0
  
Other indebtedness
    
180.0
      
181.3
  
Junior subordinated debentures
    
257.5
      
257.4
  
Other liabilities
    
364.6
      
383.1
  
Total liabilities
    
8,564.5
      
8,733.4
  
                 
Total shareholders' equity
    
1,636.8
      
1,781.1
  
Total liabilities and shareholders' equity
  
$
10,201.3
    
$
10,514.5
  
                 
Book value per common share
  
$
47.37
    
$
51.80
  

- more -
6
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
FINANCIAL HIGHLIGHTS
CONSOLIDATED
(in millions, except per share amounts)
(unaudited)

 
  
Three Months Ended
  
 
  
March 31,
  
 
  
2020
    
2019
  
Gross written premium
  
$
825.9
    
$
760.8
  
Net written premium
    
380.5
      
360.9
  
                 
Earned premium
    
435.0
      
420.5
  
Net investment income
    
35.5
      
33.9
  
Fee and other income
    
2.1
      
2.3
  
Net realized investment (losses) gains :
                
Net realized investment gains (losses)
    
27.9
      
(1.7
)
Change in fair value of equity securities
    
(39.3
)
    
54.2
  
Credit losses on fixed maturity securities
    
(24.7
)
    
—
  
Net realized investment (losses) gains
    
(36.1
)
    
52.5
  
Total revenue
    
436.5
      
509.2
  
                 
Losses and loss adjustment expenses
    
280.9
      
237.9
  
Underwriting, acquisition and insurance expenses
    
168.0
      
160.2
  
Other corporate expenses
    
3.3
      
0.5
  
Interest expense
    
7.7
      
8.5
  
Fee and other expense
    
1.2
      
1.3
  
Foreign currency exchange (gains) loss
    
(3.0
)
    
0.7
  
Total expenses
    
458.1
      
409.1
  
                 
(Loss) income before income taxes
    
(21.6
)
    
100.1
  
Income tax (benefit) provision
    
(2.8
)
    
8.9
  
Net (loss) income
  
$
(18.8
)
  
$
91.2
  
                 
Net (loss) income per common share (basic)
  
$
(0.55
)
  
$
2.68
  
Net (loss) income per common share (diluted)
  
$
(0.55
)
  
$
2.63
  
                 
Weighted average common shares:
                
Basic
    
34.5
      
34.0
  
Diluted
    
34.5
      
34.7
  
                 
Loss ratio
    
64.6
%
    
56.6
%
Expense ratio (1)
    
38.6
%
    
38.1
%
GAAP combined ratio
    
103.2
%
    
94.7
%
CAY ex-CAT combined ratio
    
95.9
%
    
94.0
%

(1) The expense ratio is calculated as "Underwriting, acquisition and insurance expense" divided by "Earned premium".

- more -
7
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
SEGMENT DATA
(in millions)
(unaudited)

 
  
Three Months Ended
  
 
  
March 31,
  
 
  
2020
    
2019
  
U.S. Operations
            
Gross written premium
  
$
476.5
    
$
410.7
  
Net written premium
    
269.4
      
248.4
  
Earned premium
    
302.5
      
273.8
  
                 
Underwriting income
    
16.8
      
24.8
  
Net investment income
    
25.2
      
23.1
  
Interest expense
    
(4.9
)
    
(5.2
)
Fee expense, net
    
(0.2
)
    
0.2
  
Net income before taxes
  
$
36.9
    
$
42.9
  
                 
Loss ratio
    
62.7
%
    
56.5
%
Expense ratio (1)
    
31.8
%
    
34.4
%
GAAP combined ratio
    
94.5
%
    
90.9
%
CAY ex-CAT combined ratio
    
90.2
%
    
90.9
%
                 
International Operations
                
Gross written premium
  
$
349.2
    
$
350.1
  
Net written premium
    
110.9
      
112.5
  
Earned premium
    
132.3
      
146.7
  
                 
Underwriting (loss) income
    
(19.5
)
    
9.2
  
Net investment income
    
8.6
      
9.1
  
Interest expense
    
(2.3
)
    
(2.8
)
Fee income, net
    
0.9
      
0.7
  
Net (loss) income before taxes
  
$
(12.3
)
  
$
16.2
  
                 
Loss ratio
    
69.1
%
    
56.2
%
Expense ratio (1)
    
45.6
%
    
37.5
%
GAAP combined ratio
    
114.7
%
    
93.7
%
CAY ex-CAT combined ratio
    
100.2
%
    
92.1
%

(1) The expense ratio is calculated as "Underwriting, acquisition and insurance expense" divided by "Earned premium".



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8
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
RECONCILIATION OF LOSS RATIOS
(unaudited)

 
  
Three Months Ended
  
 
  
March 31,
  
 
  
2020
    
2019
  
U.S. Operations
            
Loss ratio
    
62.7
%
    
56.5
%
Prior accident year loss reserve development
    
(1.1
)%
    
1.5
%
Catastrophe losses
    
(3.2
)%
    
(1.5
)%
CAY ex-CAT loss ratio
    
58.4
%
    
56.5
%
                 
International Operations
                
Loss ratio
    
69.1
%
    
56.2
%
Prior accident year loss reserve development
    
0.3
%
    
(0.5
)%
Catastrophe losses
    
(14.8
)%
    
(1.1
)%
CAY ex-CAT loss ratio
    
54.6
%
    
54.6
%
                 
Consolidated
                
Loss ratio
    
64.6
%
    
56.6
%
Prior accident year loss reserve development
    
(0.6
)%
    
0.6
%
Catastrophe losses
    
(6.7
)%
    
(1.3
)%
CAY ex-CAT loss ratio
    
57.3
%
    
55.9
%

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9
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
NET PRIOR-YEAR RESERVE DEVELOPMENT & CATASTROPHE LOSSES BY SEGMENT
(in millions)
(unaudited)

 
  
Three Months Ended
  
   
March 31,
  
   
2020
    
2019
  
Net Prior-Year Reserve Development
            
(Favorable)/Unfavorable
            
U.S. Operations
  
$
3.3
    
$
(4.0
)
International Operations
    
(0.4
)
    
0.8
  
Run-off Lines
    
(0.2
)
    
0.7
  
Total net prior-year reserve development
  
$
2.7
    
$
(2.5
)

 
  
Three Months Ended
  
   
March 31,
  
   
2020
    
2019
  
Catastrophe & COVID-19 Losses
            
Catastrophe losses:
            
U.S. Operations
  
$
2.0
    
$
4.0
  
International Operations
    
0.9
      
1.5
  
Total catastrophe losses
    
2.9
      
5.5
  
                 
COVID-19 losses
                
U.S. Operations
    
7.5
      
0.0
  
International Operations
    
18.7
      
0.0
  
Total COVID-19 losses
    
26.2
      
0.0
  
                 
Catastrophe & COVID-19 losses
                
U.S. Operations
    
9.5
      
4.0
  
International Operations
    
19.6
      
1.5
  
Total catastrophe & COVID-19 losses
  
$
29.1
    
$
5.5
  

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10
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
RECONCILIATION OF UNDERWRITING (LOSS) INCOME TO NET (LOSS) INCOME
CONSOLIDATED
(in millions)
(unaudited)

 
  
Three Months Ended
  
 
  
March 31,
  
 
  
2020
    
2019
  
Net (loss) income
  
$
(18.8
)
  
$
91.2
  
Add (deduct):
                
Income tax (benefit) provision
    
(2.8
)
    
8.9
  
Net investment income
    
(35.5
)
    
(33.9
)
Net realized investment losses (gains)
    
36.1
      
(52.5
)
Fee and other income
    
(2.1
)
    
(2.3
)
Interest expense
    
7.7
      
8.5
  
Fee and other expense
    
1.2
      
1.3
  
Foreign currency exchange (gains) loss
    
(3.0
)
    
0.7
  
Other corporate expenses
    
3.3
      
0.5
  
Underwriting (loss) income
  
$
(13.9
)
  
$
22.4
  

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11
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
RECONCILIATION OF OPERATING INCOME TO NET (LOSS) INCOME
CONSOLIDATED
(in millions, except per share amounts)
(unaudited)

 
  
Three Months Ended
  
 
  
March 31,
  
 
  
2020
    
2019
  
Net (loss) income, as reported
  
$
(18.8
)
  
$
91.2
  
Income tax (benefit) provision
    
(2.8
)
    
8.9
  
Net (loss) income, before taxes
    
(21.6
)
    
100.1
  
Add (deduct):
                
Net realized investment losses (gains)
    
36.1
      
(52.5
)
Foreign currency exchange (gains) loss
    
(3.0
)
    
0.7
  
Other corporate expenses
    
3.3
      
0.5
  
Operating income before taxes
    
14.8
      
48.8
  
Income taxes provision, at assumed rate (1)
    
2.2
      
7.3
  
Operating income
  
$
12.6
    
$
41.5
  
                 
Operating income per common share (diluted)
  
$
0.36
    
$
1.20
  
                 
Weighted average common shares, diluted
    
34.5
      
34.7
  

(1) For the purpose of calculating Operating Income, an assumed tax rate of 15% was used for all periods presented.
 

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12
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
RECONCILIATION OF SEGMENT INCOME TO NET (LOSS) INCOME
(in millions)
(unaudited)

 
  
Three Months Ended
  
 
  
March 31,
  
 
  
2020
    
2019
  
Segment income (loss) before income taxes:
            
U.S. Operations
  
$
36.9
    
$
42.9
  
International Operations
    
(12.3
)
    
16.2
  
Run-off Lines
    
0.5
      
0.6
  
Corporate and Other
    
(10.3
)
    
(10.9
)
Net realized investment (losses) gains
    
(36.1
)
    
52.5
  
Foreign currency exchange gains (loss)
    
3.0
      
(0.7
)
Other corporate expenses
    
(3.3
)
    
(0.5
)
(Loss) income before income taxes
    
(21.6
)
    
100.1
  
Income tax (benefit) provision
    
(2.8
)
    
8.9
  
Net (loss) income
  
$
(18.8
)
  
$
91.2
  

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13
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
PREMIUM BY SEGMENT AND LINE OF BUSINESS
(in millions)
(unaudited)

U.S. Operations
  
Three months ended March 31, 2020
    
Three months ended March 31, 2019
  
   
Gross
Written
    
Net
Written
    
Net
Earned
    
Gross
Written
    
Net
Written
    
Net
Earned
  
Property
  
$
65.2
    
$
15.1
    
$
39.4
    
$
64.2
    
$
7.4
    
$
31.5
  
Liability
    
269.9
      
162.7
      
172.3
      
242.6
      
172.2
      
178.5
  
Professional
    
97.2
      
58.6
      
55.5
      
60.8
      
35.2
      
31.8
  
Specialty
    
44.2
      
33.0
      
35.3
      
43.1
      
33.6
      
32.0
  
Total
  
$
476.5
    
$
269.4
    
$
302.5
    
$
410.7
    
$
248.4
    
$
273.8
  

International Operations
  
Three months ended March 31, 2020
    
Three months ended March 31, 2019
  
   
Gross
Written
    
Net
Written
    
Net
Earned
    
Gross
Written
    
Net
Written
    
Net
Earned
  
Property
  
$
123.2
    
$
12.7
    
$
35.7
    
$
155.0
    
$
8.4
    
$
35.6
  
Liability
    
56.0
      
17.4
      
20.0
      
47.0
      
27.6
      
29.4
  
Professional
    
55.7
      
24.5
      
28.7
      
55.9
      
27.5
      
29.2
  
Specialty
    
114.3
      
56.3
      
47.9
      
92.2
      
49.0
      
52.5
  
Total
  
$
349.2
    
$
110.9
    
$
132.3
    
$
350.1
    
$
112.5
    
$
146.7
  

Consolidated
  
Three months ended March 31, 2020
    
Three months ended March 31, 2019
  
   
Gross
Written
    
Net
Written
    
Net
Earned
    
Gross
Written
    
Net
Written
    
Net
Earned
  
Property
  
$
188.4
    
$
27.8
    
$
75.1
    
$
219.2
    
$
15.8
    
$
67.1
  
Liability
    
326.1
      
180.3
      
192.5
      
289.6
      
199.8
      
207.9
  
Professional
    
152.9
      
83.1
      
84.2
      
116.7
      
62.7
      
61.0
  
Specialty
    
158.5
      
89.3
      
83.2
      
135.3
      
82.6
      
84.5
  
Total
  
$
825.9
    
$
380.5
    
$
435.0
    
$
760.8
    
$
360.9
    
$
420.5
  

 
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14
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
COMPONENTS OF NET INVESTMENT INCOME
CONSOLIDATED
(in millions)
(unaudited)

 
  
Three Months Ended
  
 
  
March 31,
  
 
  
2020
    
2019
  
Net investment income, excluding alternative investments
  
$
33.0
    
$
32.0
  
Alternative investments
    
2.5
      
1.9
  
Total net investment income
  
$
35.5
    
$
33.9
  


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15
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
COMPONENTS OF INVESTMENT PORTFOLIO
CONSOLIDATED
(in millions)
(unaudited)

   
March 31,
    
December 31,
  
   
2020
    
2019
  
U.S. Governments and government agencies
  
$
338.7
    
$
354.6
  
States and political subdivisions
    
148.5
      
152.6
  
Foreign governments
    
239.7
      
248.7
  
Corporate – Financial
    
798.5
      
783.8
  
Corporate – Industrial
    
652.9
      
789.5
  
Corporate – Utilities
    
142.4
      
207.1
  
Asset-backed securities
    
161.7
      
165.5
  
Collateralized loan obligations
    
252.9
      
225.8
  
Mortgage-backed securities – Agency
    
429.3
      
373.8
  
Mortgage-backed securities – Commercial
    
241.8
      
217.0
  
Mortgage-backed securities – Residential
    
117.1
      
115.1
  
Total fixed maturities
    
3,523.5
      
3,633.5
  
Common stocks
    
127.3
      
116.5
  
Preferred stocks
    
5.6
      
7.9
  
Total equity securities available for sale
    
132.9
      
124.4
  
Private equity
    
220.1
      
268.1
  
Hedge fund
    
105.7
      
109.5
  
Overseas deposits
    
92.3
      
114.6
  
Other
    
4.3
      
4.3
  
Total other investments
    
422.4
      
496.5
  
Short term investments and cash equivalents
    
732.6
      
845.0
  
Cash
    
158.7
      
137.8
  
Total cash and invested assets
  
$
4,970.1
    
$
5,237.2
  

   
March 31,
    
December 31,
  
   
2020
    
2019
  
U.S. Governments and government agencies
  
$
768.1
    
$
728.4
  
AAA
    
858.1
      
797.6
  
AA
    
328.5
      
347.0
  
A
    
807.0
      
750.9
  
BBB
    
423.2
      
585.3
  
BB
    
153.9
      
159.9
  
B
    
79.2
      
131.7
  
Lower than B
    
43.2
      
61.7
  
Not rated
    
62.3
      
71.0
  
Total fixed maturities
  
$
3,523.5
    
$
3,633.5
  

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16
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
SHAREHOLDER RETURN ANALYSIS
(in millions, except per share data)
(unaudited)

 
  
Three Months Ended
  
   
March 31,
  
 
  
2020
    
2019
  
Net (loss) income
  
$
(18.8
)
  
$
91.2
  
Operating income (1)
    
12.6
      
41.5
  
                 
Shareholders' Equity - Beginning of period
  
$
1,781.1
    
$
1,746.7
  
Shareholders' Equity - End of period
    
1,636.8
      
1,880.6
  
Average Shareholders' Equity
  
$
1,709.0
    
$
1,813.7
  
                 
Shares outstanding - End of period
    
34.552
      
34.049
  
                 
Book value per share
  
$
47.37
    
$
55.23
  
Cash dividends paid per share during 2020
    
0.31
          
Book value per share, March 31, 2020 - including cash dividends paid
  
$
47.68
          
                 
Book value per share, prior period (2)
  
$
51.80
          
Change in book value per share during 2020 (2)
    
(7.9
)%
        
                 
Annualized return on average shareholders' equity (ROAE)
    
(4.4
)%
    
20.1
%
Annualized operating return on average shareholders' equity
    
2.9
%
    
9.2
%

(1)
For the purpose of calculating Operating Income, an assumed tax rate of 15% was used for all periods presented.

(2)
The percentage change in book value per share is calculated by including cash dividends of $0.31 per share paid to shareholders during the three months ended March 31, 2020, respectively. This adjusted amount (Book value per share, including dividends) is then compared to the book value per share as of December 31, 2019 to determine the change for the three months ended March 31, 2020.

Contact:

Brett Shirreffs
David Snowden
Head of Investor Relations
Senior Vice President, Group Communications
212.607.8830
210.321.2104
brett.shirreffs@argogroupus.com
david.snowden@argogroupus.com


###



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Document and Entity Information
May 07, 2020
Entity Listings [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date May 07, 2020
Entity Registrant Name Argo Group International Holdings, Ltd.
Entity Incorporation, State or Country Code D0
Entity File Number 001-15259
Entity Tax Identification Number 98-0214719
Entity Address, Address Line One 110 Pitts Bay Road
Entity Address, City or Town Pembroke
Entity Address, Country BM
Entity Address, Postal Zip Code HM 08
City Area Code 441
Local Phone Number 296-5858
Entity Information, Former Legal or Registered Name Not Applicable
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001091748
Common Stock, par value of $1.00 per share [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security Common Stock, par value of $1.00 per share
Trading Symbol ARGO
Security Exchange Name NYSE
Guarantee of Argo Group U.S., Inc. 6.500% Senior Notes due 2042 [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security Guarantee of Argo Group U.S., Inc. 6.500% Senior Notes due 2042
Trading Symbol ARGD
Security Exchange Name NYSE
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