0001628280-20-011889.txt : 20200806 0001628280-20-011889.hdr.sgml : 20200806 20200806071542 ACCESSION NUMBER: 0001628280-20-011889 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 103 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200806 DATE AS OF CHANGE: 20200806 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-15259 FILM NUMBER: 201079789 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 10-Q 1 argo-20200630.htm ARGO GROUP INTERNATIONAL HOLDINGS, LTD. FORM 10-Q - JUNE 30, 2020 argo-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2020
or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from              to             
Commission file number: 1-15259
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)
 
Bermuda 98-0214719
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
110 Pitts Bay Road P.O. Box HM 1282
PembrokeHM08HamiltonHM FX
BermudaBermuda
(Address of principal executive offices) (Mailing address)
(441) 296-5858
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value of $1.00 per shareARGONew York Stock Exchange
Guarantee of Argo Group U.S., Inc.  6.500% Senior Notes due 2042ARGDNew York Stock Exchange
Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00% Resettable Fixed Rate Preference Share, Series A, par value $1.00 per share
ARGOPrANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filerNon-accelerated filer

Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark whether 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.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding (net of treasury shares) of each of the issuer’s classes of common shares as of August 3, 2020.
TitleOutstanding
Common Shares, par value $1.00 per share34,665,252



ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
INDEX
 
  Page
Item 1.
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 

2

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except number of shares and per share amounts)
 
June 30,
2020
December 31,
2019 *
 (Unaudited) 
Assets  
Investments:
  
Fixed maturities available-for-sale, at fair value (cost: 2020 - $3,688.6, 2019 - $3,605.0;
allowance for expected credit losses: 2020 - $40.2)
$3,707.4  $3,633.5  
Equity securities, at fair value (cost: 2020 - $167.9; 2019 - $122.8)
147.5  124.4  
Other investments (cost: 2020 - $384.6; 2019 - $482.5)
384.5  496.5  
Short-term investments, at fair value (cost: 2020 - $611.8; 2019 - $844.8)
612.1  845.0  
Total investments4,851.5  5,099.4  
Cash187.7  137.8  
Accrued investment income23.4  25.7  
Premiums receivable800.2  688.2  
Reinsurance recoverables2,942.8  3,104.6  
Goodwill 156.5  161.4  
Intangible assets, net of accumulated amortization91.1  91.8  
Deferred tax asset, net18.9  6.1  
Deferred acquisition costs, net153.5  160.2  
Ceded unearned premiums656.5  545.0  
Operating lease right-of-use assets87.2  91.8  
Other assets414.7  387.1  
Assets held for sale12.7  15.4  
Total assets
$10,396.7  $10,514.5  
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses$5,216.3  $5,157.6  
Unearned premiums1,481.2  1,410.9  
Accrued underwriting expenses and other liabilities154.8  226.0  
Ceded reinsurance payable, net1,042.7  1,203.1  
Funds held66.7  50.6  
Senior unsecured fixed rate notes140.1  140.0  
Other indebtedness181.0  181.3  
Junior subordinated debentures257.6  257.4  
Current income taxes payable, net27.1  0.8  
Operating lease liabilities99.2  105.7  
Total liabilities
8,666.7  8,733.4  
Commitments and contingencies (Note 14)
Shareholders' equity:
Common shares - $1.00 par, 500,000,000 shares authorized; 45,960,777 and 45,698,470 shares issued at June 30, 2020 and December 31, 2019, respectively
46.0  45.7  
Additional paid-in capital1,376.5  1,376.6  
Treasury shares (11,315,889 shares at June 30, 2020 and December 31, 2019, respectively)
(455.1) (455.1) 
Retained earnings756.7  811.1  
Accumulated other comprehensive income, net of taxes5.9  2.8  
Total shareholders' equity1,730.0  1,781.1  
Total liabilities and shareholders' equity$10,396.7  $10,514.5  
Derived from audited consolidated financial statements. 
See accompanying notes.
3

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME
(in millions, except number of shares and per share amounts)
(Unaudited)
 
 
 For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
 2020201920202019
Premiums and other revenue:  
Earned premiums$433.4  $431.7  $868.4  $852.2  
Net investment income1.5  42.8  37.0  76.7  
Fee and other income2.0  2.1  4.1  4.4  
Net realized investment gains (losses):
Net realized investment gains (losses)11.1  (0.6) 39.0  (2.3) 
Change in fair value of equity securities16.8  12.6  (22.5) 66.8  
Credit losses on fixed maturity securities(7.8)   (32.5)   
Net realized investment gains (losses) 20.1  12.0  (16.0) 64.5  
Total revenue457.0  488.6  893.5  997.8  
Expenses:
Losses and loss adjustment expenses273.2  284.8  554.1  522.7  
Underwriting, acquisition and insurance expenses161.4  161.4  329.4  321.6  
Other corporate expenses2.5  7.5  5.8  8.0  
Interest expense6.8  9.3  14.5  17.8  
Fee and other expense1.0  1.3  2.2  2.6  
Foreign currency exchange losses (gains)6.4  (5.3) 3.4  (4.6) 
Total expenses451.3  459.0  909.4  868.1  
Income (loss) before income taxes5.7  29.6  (15.9) 129.7  
Income tax provision 12.1  0.8  9.3  9.7  
Net (loss) income $(6.4) $28.8  $(25.2) $120.0  
Net (loss) income per common share:
Basic$(0.18) $0.84  $(0.73) $3.52  
Diluted$(0.18) $0.83  $(0.73) $3.45  
Dividend declared per common share$0.31  $0.31  $0.62  $0.62  
Weighted average common shares:
Basic34,634,353  34,195,250  34,551,935  34,090,372  
Diluted34,634,353  34,779,991  34,551,935  34,759,548  
 
 For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
 2020201920202019
Net realized investment gains (losses) before other-than-temporary impairment losses
$20.1  $14.5  $(16.0) $71.3  
Other-than-temporary impairment losses recognized in earnings:
Other-than-temporary impairment losses on fixed maturities
  (2.5)   (6.8) 
Impairment losses recognized in earnings  (2.5)   (6.8) 
Net realized investment gains (losses) $20.1  $12.0  $(16.0) $64.5  
 
See accompanying notes.
4

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(in millions)
(Unaudited)
 
 For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
 2020201920202019
Net (loss) income$(6.4) $28.8  $(25.2) $120.0  
Other comprehensive income (loss):
Foreign currency translation adjustments(4.2) (0.3) (7.6) (0.1) 
Unrealized gains (losses) on fixed maturity securities:
Gains arising during the year152.9  41.9  30.1  98.7  
Reclassification adjustment for (gains) losses included in net income
(16.5) 1.8  (19.9) 4.9  
Other comprehensive income before tax132.2  43.4  2.6  103.5  
Income tax provision related to other comprehensive income:
Unrealized gains (losses) on fixed maturity securities:
Gains arising during the year27.0  6.7  5.9  15.8  
Reclassification adjustment for (gains) losses included in net income
(2.6) 0.2  (0.7) 0.7  
Income tax provision related to other comprehensive income
24.4  6.9  5.2  16.5  
Other comprehensive income (loss), net of tax 107.8  36.5  (2.6) 87.0  
Comprehensive income (loss) $101.4  $65.3  $(27.8) $207.0  
 
See accompanying notes.

5

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in millions, except number of shares and per share amounts)
(Unaudited)
 
 Common
Shares
Additional
Paid-In
Capital
Treasury
Shares
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Shareholders'
Equity
Balance, March 31, 2019$45.4  $1,374.9  $(455.1) $943.0  $(27.6) $1,880.6  
Net income—  —  —  28.8  —  28.8  
Other comprehensive income - Change in fair value of fixed maturities, net of tax
—  —  —  —  36.8  36.8  
Other comprehensive loss, net - Other—  —  —  —  (0.3) (0.3) 
Activity under stock incentive plans0.3  3.3  —  —  —  3.6  
Retirement of common shares (tax payments on equity compensation)
(0.1) (9.2) —  —  —  (9.3) 
Employee stock purchase plan—  0.7  —  —  —  0.7  
Cash dividend declared - common shares ($0.31/share)
—  —  —  (11.9) —  (11.9) 
Balance, June 30, 2019$45.6  $1,369.7  $(455.1) $959.9  $8.9  $1,929.0  
Balance, March 31, 2020$45.9  $1,374.2  $(455.1) $773.7  $(101.9) $1,636.8  
Net loss—  —  —  (6.4) —  (6.4) 
Other comprehensive income - Change in fair value of fixed maturities, net of taxes
—  —  —  —  112.0  112.0  
Other comprehensive loss, net - Other—  —  —  —  (4.2) (4.2) 
Activity under stock incentive plans0.1  2.1  —  —  —  2.2  
Retirement of common shares (tax payments on equity compensation)
  (0.7) —  —  —  (0.7) 
Employee stock purchase plan  0.9  —  —  —  0.9  
Cash dividend declared - common shares ($0.31/share)
—  —  —  (10.6) —  (10.6) 
Balance, June 30, 2020$46.0  $1,376.5  $(455.1) $756.7  $5.9  $1,730.0  

See accompanying notes.
6


ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (continued)
(in millions, except number of shares and per share amounts)
(Unaudited)
 Common
Shares
Additional
Paid-In
Capital
Treasury
Shares
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Shareholders'
Equity
Balance, December 31, 2018$45.3  $1,372.0  $(455.1) $862.6  $(78.1) $1,746.7  
Net income—  —  —  120.0  —  120.0  
Other comprehensive income - Change in fair value of fixed maturities, net of tax
—  —  —  —  87.1  87.1  
Other comprehensive loss, net - Other—  —  —  —  (0.1) (0.1) 
Activity under stock incentive plans0.4  7.4  —  —  —  7.8  
Retirement of common shares (tax payments on equity compensation)
(0.1) (10.8) —  —  —  (10.9) 
Employee stock purchase plan—  1.1  —  —  —  1.1  
Cash dividend declared - common shares ($0.62/share)
—  —  —  (22.7) —  (22.7) 
Balance, June 30, 2019$45.6  $1,369.7  $(455.1) $959.9  $8.9  $1,929.0  
Balance, December 31, 2019$45.7  $1,376.6  $(455.1) $811.1  $2.8  $1,781.1  
Net loss—  —  —  (25.2) —  (25.2) 
Other comprehensive income - Change in fair value of fixed maturities, net of taxes
—  —  —  —  5.0  5.0  
Other comprehensive loss, net - Other—  —  —  —  (7.6) (7.6) 
Activity under stock incentive plans0.4  4.9  —  —  —  5.3  
Retirement of common shares (tax payments on equity compensation)
(0.1) (6.4) —