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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 September 30, 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 November 4, 2021.
TitleOutstanding
Common Shares, par value $1.00 per share34,872,707



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)
 
September 30,
2021
December 31,
2020
 (Unaudited) 
Assets 
Investments:  
Fixed maturities available-for-sale, at fair value (cost: 2021 - $4,145.2, 2020 - $3,981.1; allowance for expected credit losses: 2021 - $7.0, 2020 - $6.6)
$4,197.3 $4,107.1 
Equity securities, at fair value (cost: 2021 - $131.1; 2020 - $162.5)
181.8 176.7 
Other investments (cost: 2021 - $425.8; 2020 - $429.4)
425.8 429.4 
Short-term investments, at fair value (cost: 2021 - $507.8; 2020 - $541.4)
508.6 542.6 
Total investments5,313.5 5,255.8 
Cash202.0 148.8 
Accrued investment income20.9 21.8 
Premiums receivable701.9 679.8 
Reinsurance recoverables2,954.0 3,009.0 
Goodwill 147.3 147.3 
Intangible assets, net of accumulated amortization60.5 60.5 
Current income taxes receivable, net3.8 3.0 
Deferred tax asset, net42.8 16.7 
Deferred acquisition costs, net175.7 163.6 
Ceded unearned premiums572.1 575.1 
Operating lease right-of-use assets87.7 82.0 
Other assets231.4 294.7 
Assets held for sale4.5 7.7 
Total assets$10,518.1 $10,465.8 
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses$5,439.5 $5,406.0 
Unearned premiums1,540.2 1,464.8 
Accrued underwriting expenses and other liabilities255.2 167.6 
Ceded reinsurance payable, net763.8 950.4 
Funds held74.2 64.7 
Senior unsecured fixed rate notes140.3 140.2 
Other indebtedness58.7 60.7 
Junior subordinated debentures258.1 257.8 
Operating lease liabilities100.5 95.8 
Total liabilities8,630.5 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 September 30, 2021 and December 31, 2020, respectively; liquidation preference $25,000
144.0 144.0 
Common shares - $1.00 par, 500,000,000 shares authorized; 46,178,719 and 46,009,966 shares issued at September 30, 2021 and December 31, 2020, respectively
46.2 46.0 
Additional paid-in capital1,385.0 1,380.2 
Treasury shares (11,315,889 shares at September 30, 2021 and December 31, 2020, respectively)
(455.1)(455.1)
Retained earnings765.5 684.1 
Accumulated other comprehensive income, net of taxes2.0 58.6 
Total shareholders' equity1,887.6 1,857.8 
Total liabilities and shareholders' equity$10,518.1 $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
September 30,
For the Nine Months Ended
September 30,
 2021202020212020
Premiums and other revenue:  
Earned premiums$487.5 $445.5 $1,423.9 $1,313.9 
Net investment income46.1 42.0 143.2 79.0 
Net realized investment gains (losses):
Net realized investment gains (losses)0.6 (5.7)3.3 32.7 
Change in fair value of equity securities(5.1)10.5 30.7 (13.7)
Credit losses on fixed maturity securities(0.8)(10.5)(1.5)(43.0)
Net realized investment (losses) gains(5.3)(5.7)32.5 (24.0)
Total revenue528.3 481.8 1,599.6 1,368.9 
Expenses:
Losses and loss adjustment expenses311.7 328.9 890.9 883.0 
Underwriting, acquisition and insurance expenses177.1 161.9 530.8 489.8 
Non-operating expenses8.2 3.0 20.9 9.8 
Interest expense5.5 6.9 16.3 21.7 
Fee and other (income) expense, net(1.1)(0.8)(1.8)(2.7)
Foreign currency exchange (gains) losses(1.3)8.4 4.4 13.6 
Total expenses500.1 508.3 1,461.5 1,415.2 
Income (loss) before income taxes28.2 (26.5)138.1 (46.3)
Income tax provision (benefit)5.8 (3.4)16.1 6.9 
Net income (loss) $22.4 $(23.1)$122.0 $(53.2)
Dividends on preferred shares2.62.07.92.0
Net income (loss) attributable to common shareholders$19.8 $(25.1)$114.1 $(55.2)
Net income (loss) attributable to common shareholders per common share:
Basic$0.57 $(0.72)$3.28 $(1.60)
Diluted$0.56 $(0.72)$3.26 $(1.60)
Dividend declared per common share$0.31 $0.31 $0.93 $0.93 
Weighted average common shares:
Basic34,854,724 34,667,266 34,796,528 34,590,659 
Diluted35,036,700 34,667,266 35,062,416 34,590,659 
 
See accompanying notes.
4

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(Unaudited)
 
 For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
 2021202020212020
Net income (loss)$22.4 $(23.1)$122.0 $(53.2)
Other comprehensive income (loss):
Foreign currency translation adjustments(2.3)(4.7)0.2 (12.3)
Defined benefit pension plans:
Net gain arising during the year  1.9  
Unrealized gains (losses) on fixed maturity securities:
(Losses) gains arising during the year(31.5)38.2 (60.3)68.3 
Reclassification adjustment for losses (gains) included in net income8.2 4.5 (11.0)(15.4)
Other comprehensive income (loss) before tax(25.6)38.0 (69.2)40.6 
Income tax provision related to other comprehensive income (loss):
Defined benefit pension plans:
Net gain arising during the year  0.4  
Unrealized gains (losses) on fixed maturity securities:
(Losses) gains arising during the year(4.8)6.5 (11.1)12.4 
Reclassification adjustment for losses (gains) included in net income0.4 0.5 (1.9)(0.2)
Income tax (benefit) provision related to other comprehensive income (loss)(4.4)7.0 (12.6)12.2 
Other comprehensive income (loss), net of tax (21.2)31.0 (56.6)28.4 
Comprehensive income (loss)$1.2 $7.9 $65.4 $(24.8)
 
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, June 30, 2020$ $46.0 $1,376.5 $(455.1)$734.4 $5.9 $1,707.7 
Net loss— — — — (23.1)— (23.1)
Preferred shares issued144.0 — — — — — 144.0 
Other comprehensive income - Change in fair value of fixed maturities, net of taxes— — — — — 35.7 35.7 
Other comprehensive loss, net - Other
— — — — — (4.7)(4.7)
Activity under stock incentive plans
— — 1.5 — — — 1.5 
Retirement of common shares (tax payments on equity compensation)
— — (0.1)— — — (0.1)
Employee stock purchase plan
— — 0.6 — — — 0.6 
Dividends on preferred shares— — — — (2.0)— (2.0)
Cash dividend declared - common shares ($0.31/share)
— — — — (10.9)— (10.9)
Balance, September 30, 2020$144.0 $46.0 $1,378.5 $(455.1)$698.4 $36.9 $1,848.7 
Balance, June 30, 2021$144.0 $46.2 $1,383.1 $(455.1)$756.5 $23.2 $1,897.9 
Net income— — — — 22.4 — 22.4 
Other comprehensive income - Change in fair value of fixed maturities, net of taxes
— — — — — (18.9)(18.9)
Other comprehensive income, net - Other— — — — — (2.3)(2.3)
Activity under stock incentive plans
— — 1.5 — — — 1.5 
Retirement of common shares (tax payments on equity compensation)
— — (0.1)— — — (0.1)
Employee stock purchase plan
— — 0.5 — — — 0.5 
Dividends on preferred shares— — — — (2.6)— (2.6)
Cash dividend declared - common shares ($0.31/share)
— — — — (10.8)— (10.8)
Balance, September 30, 2021$144.0 $46.2 $1,385.0 $(455.1)$765.5 $2.0 $1,887.6 

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)
 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— — — — (53.2)— (53.2)
Preferred shares issued144.0 — — — — — 144.0 
Other comprehensive income - Change in fair value of fixed maturities, net of taxes— — — — — 40.7 40.7 
Other comprehensive loss, net - Other
— — — — — (12.3)(12.3)
Activity under stock incentive plans
— 0.4 6.4 — — — 6.8 
Retirement of common shares (tax payments on equity compensation)
— (0.1)(6.5)— — — (6.6)
Employee stock purchase plan
— — 2.0 — — — 2.0 
Dividends on preferred shares— — — — (2.0)— (2.0)
Cash dividend declared - common shares ($0.93/share)
— — — — (32.2)— (32.2)
Cumulative effect of adoption of ASU 2016-13, net of taxes
$— $— $— $— $(7.9)$5.7 (2.2)
Balance, September 30, 2020$144.0 $46.0 $1,378.5 $(455.1)$698.4 $36.9 $1,848.7 
Balance, December 31, 2020$144.0 $46.0 $1,380.2 $(455.1)$684.1 $58.6 $1,857.8 
Net income— — — — 122.0 — 122.0 
Other comprehensive loss - change in fair value of fixed maturities, net of taxes— — — — — (58.3)(58.3)
Other comprehensive income, net - other— — — — — 1.7 1.7 
Activity under stock incentive plans
— 0.2 5.8 — — — 6.0 
Retirement of common shares (tax payments on equity compensation)
— — (2.5)— — — (2.5)
Employee stock purchase plan
— — 1.5 — — — 1.5 
Dividends on preferred shares— — — — (7.9)— (7.9)
Cash dividend declared - common shares ($0.93/share)
— — — — (32.7)— (32.7)
Balance, September 30, 2021$144.0 $46.2 $1,385.0 $(455.1)$765.5 $2.0 $1,887.6 

See accompanying notes.

7

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
  
 For the Nine Months Ended September 30,
 20212020
Cash flows from operating activities:  
Net income (loss) $122.0 $(53.2)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization and depreciation28.5 24.7 
Share-based payments expense6.4 7.7 
Deferred income tax benefit, net(14.4)(16.5)
Net realized investment (gains) losses (32.5)24.0 
Undistributed earnings from alternative investment portfolio(74.8)1.6 
Loss on disposals of long-lived assets, net1.7 0.4 
Change in:
Accrued investment income0.9 3.5 
Receivables30.2 (67.4)
Deferred acquisition costs(12.0)(11.7)
Ceded unearned premiums2.3 (120.5)
Reserves for losses and loss adjustment expenses36.5 267.6 
Unearned premiums77.3 176.8 
Ceded reinsurance payable and funds held(176.3)(104.2)
Income taxes (1.0)(22.2)
Accrued underwriting expenses and other liabilities42.5 (0.8)
Other, net3.5 (8.4)
Cash provided by (used in) operating activities40.8 101.4 
Cash flows from investing activities:
Sales of fixed maturity investments786.4 977.5 
Maturities and mandatory calls of fixed maturity investments591.1 410.3 
Sales of equity securities36.9 18.2 
Sales of other investments81.1 95.5 
Purchases of fixed maturity investments(1,511.9)(1,659.3)
Purchases of equity securities(5.3)(68.3)
Purchases of other investments(40.1)(24.5)
Change in foreign regulatory deposits and voluntary pools36.2 (0.5)
Change in short-term investments32.3 297.8 
Settlements of foreign currency exchange forward contracts(9.7)9.1 
Proceeds from sale of Trident assets 38.0 
Sale (Purchases) of fixed assets, net16.0 (15.8)
Other, net37.6 2.7 
Cash (used in) provided by investing activities50.6 80.7 
Cash flows from financing activities:
Payment of long-term debt (125.0)
Issuance of preferred shares, net of issuance costs 144.0 
Activity under stock incentive plans 1.2 1.4 
Payment of cash dividends to preferred shareholders(7.9)(2.0)
Payment of cash dividends to common shareholders(32.7)(32.2)
Cash used in financing activities(39.4)(13.8)
Effect of exchange rate changes on cash1.2 (5.7)
Change in cash 53.2 162.6 
Cash, beginning of year148.8 137.8 
Cash, end of period$202.0 $300.4 

 See accompanying notes.
8

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. and its subsidiaries (“Argo Group,” “Argo,” “we,” “us,” “our” or the “Company”) 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 materially differ from those estimates. Certain financial information that is normally 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 and nine months ended, September 30, 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.
Update on Trident Transaction

On April 30, 2020, we sold our Trident Public Risk Solutions (“Trident”) brand and underwriting platform. During the second quarter of 2021, the parties to the transaction agreed to amend the transaction and other related agreements associated with the sale of Trident to eliminate certain lines of business from the transaction. As a result, we recognized a $16.5 million reduction in the original gain on sale during the second quarter of 2021. Additionally, we recognized a $5.0 million gain during the second quarter of 2021 related to meeting certain post-closing performance conditions. This transaction is included in "Net realized investment gains (losses)" in our Consolidated Statements of Income (Loss) for the nine months ended September 30, 2021.
2.    Recently Issued Accounting Pronouncements
The Company has evaluated recently issued accounting pronouncements and determined 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 September 30, 2021 and December 31, 2020 is $97.1 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.


9

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:
September 30, 2021
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$404.8 $7.5 $2.1 $ $410.2 
Foreign Governments229.3 2.7 2.7 0.2 229.1 
Obligations of states and political subdivisions169.9 6.7 0.9  175.7 
Corporate bonds1,996.2 47.8 14.4 6.6 2,023.0 
Commercial mortgage-backed securities403.1 9.1 3.0  409.2 
Residential mortgage-backed securities488.1 10.6 4.8  493.9 
Asset-backed securities110.9 2.2 0.1