Argo Group moves out of the red with latest financial report

Argo Group moves out of the red with latest financial report

Argo Group Worldwide Holdings, Ltd. has bounced again from final 12 months’s losses.

Within the three months ended June 30, Argo loved $67.1 million in internet revenue attributable to frequent shareholders. In the identical quarter in 2020, the group suffered a internet loss value $5.4 million. Working revenue in Q2 stood at $56.1 million – a turnaround from final 12 months’s working lack of $3.6 million.

Within the first half, in the meantime, the property & casualty underwriter had a internet revenue attributable to frequent shareholders of $94.3 million. In H1 2020, Argo noticed a $30.1 million internet loss. Working revenue, in the meantime, grew from $8.9 million final 12 months to $71.6 million this time round.

Gross written premium rose 2% within the quarter; and dipped 3.3% within the six-month span. The underwriting end result was a $3.5 million underwriting revenue in H1, in comparison with the $13.6 million underwriting loss within the first half of 2020. Underwriting revenue within the quarter went up from $0.4 million to $21.4 million.

“Argo reported its highest quarterly working revenue in additional than 10 years throughout the second quarter on account of our give attention to disciplined underwriting and powerful funding contributions,” highlighted Argo chief government Kevin J. Rehnberg.

“Our focused development efforts have accelerated throughout the corporate throughout 2021 and we stay optimistic about present market situations and underwriting alternatives. We proceed to give attention to our strategic priorities of enhancing underwriting margins, lowering volatility, and managing bills.”

In accordance with Rehnberg, the objective is to generate superior shareholder returns over time.  

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