Pension Benefits and Savings Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Pension Benefits and Savings Plans

Pension Benefits and Savings Plans

Argo Group U.S. sponsors a qualified defined benefit plan and non-qualified unfunded supplemental defined benefit plans, all of which were curtailed effective February 2004. As of December 31, 2022 and 2021, the qualified pension plan was underfunded by $3.2 million and $2.6 million, respectively. The non-qualified pension plans were unfunded by $1.5 million and $1.8 million at December 31, 2022 and 2021, respectively. Underfunded and unfunded amounts are included in Accrued underwriting expenses and other liabilities in our Consolidated Balance Sheets. Based on the current funding status of the pension plan, effects of the curtailment and expected changes in pension plan asset values and pension obligations, we do not believe any significant funding of the pension plan will be required during the year ending December 31, 2022. Net periodic benefit costs were $0.1 million for the years ended December 31, 2022, $0.1 million for the year ended December 31, 2021 and 2020.

Substantially all of our employees are either eligible or mandated by applicable laws to participate in employee savings plans. Under these plans, a percentage of an employee’s pay may be or is mandated based on applicable laws to be contributed to various savings alternatives. The plans also call for our contributions under several formulae. Charges to income related to our contributions were $8.5 million, $9.3 million and $9.2 million in 2022, 2021 and 2020, respectively.