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Argo Group reports loss in interim financial report

“Net loss attributable to common stockholders for the third quarter of 2022 included net pre-tax realized investments and other losses of $44.7 million, compared with net pre-tax realized investments and other losses of $5.3 million in the third quarter of 2022. Included other losses.The insurance group reported lower catastrophe losses in the quarter despite higher industry catastrophe losses.

“The increase is primarily due to a $34.2 million pre-tax realized loss related to the impairment of assets transferred upon the completion of the company’s previously announced loss portfolio transfer transaction with a wholly-owned subsidiary of Enstar Group Limited. “

“Net loss attributable to common stockholders for the third quarter of 2022 also included a $28.5 million impairment of goodwill and intangible assets related to the announced sale of Argo Underwriting Agency Limited and its Lloyd’s Syndicate 1200. increase.”

The Argo Underwriting Agency offload was part of the group’s effort to simplify.

Meanwhile, operating income for the third quarter and September was $15.5 million and $89.8 million, respectively. The corresponding 2021 numbers are even higher. In terms of underwriting in the fourth quarter, the company’s US operations enjoyed underwriting gains, while its international operations reported underwriting losses.

When the financial results were announced, Executive Chairman and Chief Executive Officer Thomas A. Bradley emphasized: In September, we announced the sale of the Lloyd’s business. This marks an important milestone for Argo on its path to becoming a focused, pure-play U.S. specialty insurance company.

“Importantly, this transaction further simplifies our corporate structure, allowing us to focus more on our diversified portfolio of profitable and scalable U.S. specialty businesses, maximizing shareholder value. We are better positioned to explore additional strategic alternatives to

Argo Group reports loss in interim financial report

Source link Argo Group reports loss in interim financial report

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