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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 March 31, 2021
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)
90 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 1/1000th Interest in a share
of Series A 7.00% Non-Cumulative Preference Shares, 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 May 4, 2021.
TitleOutstanding
Common Shares, par value $1.00 per share34,802,769



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)
 
March 31,
2021
December 31,
2020
 (Unaudited) 
Assets  
Investments:  
Fixed maturities available-for-sale, at fair value (cost: 2021 - $4,150.2, 2020 - $3,981.1; allowance for expected credit losses: 2021 - $7.2, 2020 - $6.6)
$4,210.5 $4,107.1 
Equity securities, at fair value (cost: 2021 - $146.6; 2020 - $162.5)
182.3 176.7 
Other investments (cost: 2021 - $452.4; 2020 - $429.4)
452.4 429.4 
Short-term investments, at fair value (cost: 2021 - $481.1; 2020 - $541.4)
482.0 542.6 
Total investments5,327.2 5,255.8 
Cash156.7 148.8 
Accrued investment income22.5 21.8 
Premiums receivable634.6 679.8 
Reinsurance recoverables2,807.6 3,009.0 
Goodwill 147.3 147.3 
Intangible assets, net of accumulated amortization60.5 60.5 
Current income taxes receivable, net1.4 3.0 
Deferred tax asset, net29.6 16.7 
Deferred acquisition costs, net169.6 163.6 
Ceded unearned premiums585.3 575.1 
Operating lease right-of-use assets107.9 82.0 
Other assets295.5 294.7 
Assets held for sale3.2 7.7 
Total assets$10,348.9 $10,465.8 
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses$5,135.3 $5,406.0 
Unearned premiums1,427.0 1,464.8 
Accrued underwriting expenses and other liabilities208.0 167.6 
Ceded reinsurance payable, net1,102.7 950.4 
Funds held68.9 64.7 
Senior unsecured fixed rate notes140.2 140.2 
Other indebtedness60.2 60.7 
Junior subordinated debentures257.9 257.8 
Operating lease liabilities127.7 95.8 
Total liabilities8,527.9 8,608.0 
Commitments and contingencies (Note 14)
Shareholders' equity:
Preferred shares and additional paid-in capital - $1.00 par, 30,000,000 shares authorized; 6,000 shares issued at March 31, 2021 and December 31, 2020, respectively; liquidation preference $25,000
144.0 144.0 
Common shares - $1.00 par, 500,000,000 shares authorized; 46,084,530 and 46,009,966 shares issued at March 31, 2021 and December 31, 2020, respectively
46.1 46.0 
Additional paid-in capital1,381.3 1,380.2 
Treasury shares (11,315,889 shares at March 31, 2021 and December 31, 2020, respectively)
(455.1)(455.1)
Retained earnings700.5 684.1 
Accumulated other comprehensive income, net of taxes4.2 58.6 
Total shareholders' equity1,821.0 1,857.8 
Total liabilities and shareholders' equity$10,348.9 $10,465.8 
See accompanying notes.
3

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in millions, except number of shares and per share amounts)
(Unaudited)
 
 
 For the Three Months Ended
March 31,
 20212020
Premiums and other revenue:
Earned premiums$466.1 $435.0 
Net investment income44.4 35.6 
Net realized investment gains (losses):
Net realized investment (losses) gains(1.3)27.8 
Change in fair value of equity securities15.5 (39.3)
Credit losses on fixed maturity securities(1.1)(24.7)
Net realized investment gains (losses) 13.1 (36.2)
Total revenue523.6 434.4 
Expenses:
Losses and loss adjustment expenses307.6 280.9 
Underwriting, acquisition and insurance expenses176.4 168.1 
Non-operating expenses1.9 3.3 
Interest expense5.1 7.8 
Fee and other expense (income), net0.1 (0.9)
Foreign currency exchange losses1.3 0.9 
Total expenses492.4 460.1 
Income (loss) before income taxes31.2 (25.7)
Income tax provision (benefit)1.4 (1.0)
Net income (loss) $29.8 $(24.7)
Dividends on preferred shares2.6
Net income (loss) attributable to common shareholders$27.2 $(24.7)
Net income (loss) attributable to common shareholders per common share:
Basic$0.78 $(0.72)
Diluted$0.78 $(0.72)
Dividend declared per common share$0.31 $0.31 
Weighted average common shares:
Basic34,712,650 34,469,516 
Diluted34,938,013 34,469,516 
 
See accompanying notes.
4

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(Unaudited)
 
 For the Three Months Ended
March 31,
 20212020
Net income (loss)$29.8 $(24.7)
Other comprehensive income (loss):
Foreign currency translation adjustments(0.9)(3.4)
Unrealized gains (losses) on fixed maturity securities:
Losses arising during the year(62.1)(122.8)
Reclassification adjustment for gains included in net income(4.0)(3.4)
Other comprehensive income before tax(67.0)(129.6)
Income tax provision related to other comprehensive income:
Unrealized gains (losses) on fixed maturity securities:
Losses arising during the year(11.8)(21.1)
Reclassification adjustment for (gains) losses included in net income(0.8)1.9 
Income tax benefit related to other comprehensive income(12.6)(19.2)
Other comprehensive loss, net of tax (54.4)(110.4)
Comprehensive loss $(24.6)$(135.1)
 
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)
 
 Preferred Shares and Additional Paid-in CapitalCommon
Shares
Additional
Paid-In
Capital
Treasury
Shares
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Shareholders'
Equity
Balance, December 31, 2019$— $45.7 $1,376.6 $(455.1)$793.7 $2.8 $1,763.7 
Net loss— — — — (24.7)— (24.7)
Other comprehensive income - Change in fair value of fixed maturities, net of taxes— — — — — (107.0)(107.0)
Other comprehensive loss, net - Other
— — — — — (3.4)(3.4)
Activity under stock incentive plans
— 0.3 2.8 — — — 3.1 
Retirement of common shares (tax payments on equity compensation)
— (0.1)(5.7)— — — (5.8)
Employee stock purchase plan
— — 0.5 — — — 0.5 
Cash dividend declared - common shares ($0.31/share)
— — — — (10.7)— (10.7)
Cumulative effect of adoption of ASU 2016-13, net of taxes
— — — — (7.9)5.7 (2.2)
Balance, March 31, 2020$— $45.9 $1,374.2 $(455.1)$750.4 $(101.9)$1,613.5 
Balance, December 31, 2020$144.0 $46.0 $1,380.2 $(455.1)$684.1 $58.6 $1,857.8 
Net income— — — — 29.8 — 29.8 
Other comprehensive income - Change in fair value of fixed maturities, net of taxes
— — — — — (53.5)(53.5)
Other comprehensive loss, net - Other
— — — — — (0.9)(0.9)
Activity under stock incentive plans
— 0.1 2.1 — — — 2.2 
Retirement of common shares (tax payments on equity compensation)
—  (1.4)— — — (1.4)
Employee stock purchase plan
— — 0.4 — — — 0.4 
Dividends on preferred shares— — — — (2.6)— (2.6)
Cash dividend declared - common shares ($0.31/share)
— — — — (10.8)— (10.8)
Balance, March 31, 2021$144.0 $46.1 $1,381.3 $(455.1)$700.5 $4.2 $1,821.0 

See accompanying notes.

6

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
  
 For the Three Months Ended March 31,
 20212020
Cash flows from operating activities:  
Net income (loss) $29.8 $(24.7)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization and depreciation2.9 5.0 
Share-based payments expense2.3 2.9 
Deferred income tax benefit, net0.3 (11.7)
Net realized investment (gains) losses (13.1)36.2 
Undistributed earnings from alternative investment portfolio(20.7)(2.5)
Loss on disposals of long-lived assets, net 0.2 
Change in:
Accrued investment income(0.6)2.5 
Receivables242.5 229.4 
Deferred acquisition costs(6.5)1.1 
Ceded unearned premiums(11.8)(111.5)
Reserves for losses and loss adjustment expenses(268.2)(78.8)
Unearned premiums(33.6)59.2 
Ceded reinsurance payable and funds held158.2 (107.5)
Income taxes 1.3 9.8 
Accrued underwriting expenses and other liabilities6.4 (24.0)
Other, net(19.0)(17.0)
Cash provided by (used in) operating activities70.2 (31.4)
Cash flows from investing activities:
Sales of fixed maturity investments264.0 594.1 
Maturities and mandatory calls of fixed maturity investments195.9 158.2 
Sales of equity securities14.6 24.8 
Sales of other investments27.1 19.2 
Purchases of fixed maturity investments(617.6)(831.1)
Purchases of equity securities(0.5)(12.2)
Purchases of other investments(20.6)(5.9)
Change in foreign regulatory deposits and voluntary pools(9.1)3.9 
Change in short-term investments59.7 112.3 
Settlements of foreign currency exchange forward contracts(1.7)3.1 
Purchases of fixed assets(7.7)(2.3)
Other, net45.9 (2.8)
Cash (used in) provided by investing activities(50.0)61.3 
Cash flows from financing activities:
Activity under stock incentive plans 0.3 0.3 
Payment of cash dividends to preferred shareholders(2.6) 
Payment of cash dividends to common shareholders(10.8)(10.7)
Cash used in financing activities(13.1)(10.4)
Effect of exchange rate changes on cash0.8 1.4 
Change in cash 7.9 20.9 
Cash, beginning of year148.8 137.8 
Cash, end of period$156.7 $158.7 

 See accompanying notes.
7

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.    Basis of Presentation
The accompanying consolidated financial statements of Argo Group International Holdings, Ltd. (“Argo Group,” “Argo,” “we” or the “Company”) and its subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Argo Group is an underwriter of specialty insurance products in the property and casualty market.
The preparation of interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The major estimates reflected in our consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses; reinsurance recoverables, including the reinsurance recoverables allowance for expected credit losses; estimates of written and earned premiums; reinsurance premium receivable; fair value of investments and assessment of potential impairment, including the allowance for credit losses on fixed maturity securities; valuation of goodwill and intangibles and our deferred tax asset valuation allowance. Actual results could differ from those estimates. Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission ("SEC") on March 15, 2021.
The interim financial information as of, and for the three months ended, March 31, 2021 and 2020 is unaudited. However, in the opinion of management, the interim information includes all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results presented for the interim periods. The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. All significant intercompany amounts have been eliminated in consolidation. Certain reclassifications have been made to financial information presented for prior years to conform to the current year’s presentation.
2.    Recently Issued Accounting Pronouncements
The Company has evaluated recently issued accounting pronouncements and none are material to our results of operations or financial position reported herein.
3.    Investments
Included in “Total investments” in our Consolidated Balance Sheets at March 31, 2021 and December 31, 2020 is $143.7 million and $140.3 million, respectively, of assets managed on behalf of the trade capital providers, who are third-party participants that provide underwriting capital to the operations of Syndicates 1200 and 1910.
8

Fixed Maturities
The amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses, and fair value of fixed maturity investments were as follows:
March 31, 2021
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$361.8 $7.5 $2.1 $ $367.2 
Foreign Governments316.1 9.4 3.6 0.1 321.8 
Obligations of states and political subdivisions189.4 6.6 1.3  194.7 
Corporate bonds1,982.3 55.5 20.4 7.1 2,010.3 
Commercial mortgage-backed securities351.9 7.6 4.1  355.4 
Residential mortgage-backed securities535.1 13.5 5.6  543.0 
Asset-backed securities123.5 2.6 0.5  125.6 
Collateralized loan obligations290.1 3.2 0.8  292.5 
Total fixed maturities$4,150.2 $105.9 $38.4 $7.2 $4,210.5 

December 31, 2020
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$385.4 $14.7 $0.3 $ $399.8 
Foreign Governments284.1 11.6 0.7 0.2 294.8 
Obligations of states and political subdivisions163.1 7.7 0.3 0.1 170.4 
Corporate bonds1,925.9 75.3 13.3 6.1 1,981.8 
Commercial mortgage-backed securities324.8 15.2 0.3  339.7 
Residential mortgage-backed securities491.4 17.4 0.6  508.2 
Asset-backed securities120.5 2.9 0.4 0.2 122.8 
Collateralized loan obligations285.9 4.9 1.2  289.6 
Total fixed maturities$3,981.1 $149.7 $17.1 $6.6 $4,107.1 
Contractual Maturity
The amortized cost and fair values of fixed maturity investments as of March 31, 2021, by contractual maturity, were as follows:
(in millions)Amortized
Cost
Fair
Value
Due in one year or less$352.8 $361.2 
Due after one year through five years1,686.1 1,720.1 
Due after five years through ten years693.5 697.6 
Thereafter117.2 115.1 
Structured securities1,300.6 1,316.5 
Total$4,150.2 $4,210.5 
The expected maturities may differ from the contractual maturities because debtors may have the right to call or prepay obligations.
9

Other Investments
Details regarding the carrying value and unfunded investment commitments of other investments as of March 31, 2021 and December 31, 2020 were as follows:
March 31, 2021
(in millions)Carrying
Value
Unfunded
Commitments
Investment Type
Hedge funds$117.0 $ 
Private equity219.9 74.1 
Overseas deposits110.8  
Other4.7  
Total other investments$452.4 $74.1 
December 31, 2020
(in millions)Carrying
Value
Unfunded
Commitments
Investment Type
Hedge funds$111.2 $ 
Private equity211.4 80.0 
Overseas deposits102.1  
Other4.7  
Total other investments$429.4 $80.0 
The following describes each investment type:
Hedge funds: Hedge funds include funds that primarily buy and sell stocks, including short sales, multi-strategy credit, relative value credit and distressed credit.
Private equity: Private equity includes buyout funds, real asset/infrastructure funds, credit special situations funds, mezzanine lending funds and direct investments and strategic non-controlling minority investments in private companies that are principally accounted for using the equity method of accounting.
Overseas deposits: Overseas deposits are principally invested in short-term sovereign fixed income and investment grade corporate securities and international stocks.
Other: Other includes participation in investment pools.
Unrealized Losses
An aging of unrealized losses on our investments in fixed maturities is presented below:
March 31, 2021Less Than One YearOne Year or GreaterTotal
(in millions)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fixed maturities
U.S. Governments$95.1 $2.1 $ $ $95.1 $2.1 
Foreign Governments136.3 3.3 1.2 0.3 137.5 3.6 
Obligations of states and political subdivisions34.5 1.2 0.4 0.1 34.9 1.3 
Corporate bonds599.6 15.4 39.5 5.0 639.1 20.4 
Commercial mortgage-backed securities98.0 3.8 8.8 0.3 106.8 4.1 
Residential mortgage-backed securities218.6 5.4 6.8 0.2 225.4 5.6 
Asset-backed securities13.4 0.4 3.1 0.1 16.5 0.5 
Collateralized loan obligations94.8 0.6 13.2 0.2 108.0 0.8 
Total fixed maturities$1,290.3 $32.2 $73.0 $6.2 $1,363.3 $38.4 

10

December 31, 2020Less Than One YearOne Year or GreaterTotal
(in millions)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fixed maturities
U.S. Governments$40.6 $0.3 $ $ $40.6 $0.3 
Foreign Governments18.0 0.5 0.1 0.2 18.1 0.7 
Obligations of states and political subdivisions5.2 0.3   5.2 0.3 
Corporate bonds202.5 6.7 17.5 6.6 220.0 13.3 
Commercial mortgage-backed securities21.8 0.3   21.8 0.3 
Residential mortgage-backed securities74.4 0.4 3.0 0.2 77.4 0.6 
Asset-backed securities4.6 0.4   4.6 0.4 
Collateralized loan obligations121.1 0.9 49.1 0.3 170.2 1.2 
Total fixed maturities$488.2 $9.8 $69.7 $7.3 $557.9 $17.1 
We hold a total of 5,422 fixed maturity securities, of which 570 were in an unrealized loss position for less than one year and 113 were in an unrealized loss position for a period one year or greater as of March 31, 2021.
Allowance for Credit Losses
For fixed maturities with a decline in the fair value between the amortized cost due to credit-related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to realized investment losses in the Statement of Income (Loss). The allowance is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit-related factors is recognized in the Statement of Comprehensive Income (Loss). Accrued interest is excluded from the measurement of the allowance for credit losses.
When determining if a credit loss has been incurred, we may consider the historical performance of the security, available market information and security specific considerations such as the priority payment of the security. In addition, inputs used in our analysis include, but are not limited to, credit ratings and downgrades, delinquency rates, missed scheduled interest or principal payments, purchase yields, underlying asset performance, collateral types, modeled default rates, modeled severity rates, call/prepayment rates, expected cash flows, industry concentrations, and potential or filed bankruptcies or restructurings.
We evaluate for credit losses each period. If we determine that all or a portion of a fixed maturity is uncollectible, the uncollectible amortized cost is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized in realized investment gains. We also consider whether we intend to sell an available-for-sale security or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost. In these instances, a decline in fair value is recognized in net realized gains (losses) in the Statement of Income based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security.
The following table presents a roll-forward of the changes in allowance for credit losses on available-for-sale fixed maturities by industry category:
(in millions)Foreign GovernmentsObligations of states and political subdivisionsCorporate bondsAsset backed securitiesTotal
Beginning balance, January 1, 2020$0.2 $0.1 $6.1 $0.2 $6.6 
Additions-initial adoption of accounting standard     
Securities for which allowance was not previously recorded