Argo Group suffers wider half-year loss

International underwriter Argo Group has introduced its monetary outcomes for the quarter and half yr ended June 30, 2023.

The firm, whose merger with Brookfield Reinsurance remains to be awaiting completion, reported the next numbers:

During the quarter, Argo’s underwriting loss amounted to $22.4 million, whereas the underwriting loss for the six-month span stood at $54.1 million. A yr in the past, the group loved optimistic underwriting ends in each intervals.

Commenting on the quarterly outcomes, Argo government chair and chief government Thomas A. Bradley stated: “Our second quarter efficiency additional displays the proactive steps we’re taking to prioritize bettering profitability. Our prime line outcomes replicate our deliberate and disciplined actions in sure traces of enterprise.

“However, we proceed to realize progress throughout the remainder of the portfolio, notably in our environmental, inland marine, and casualty segments. This is a testomony to the significance of a diversified ebook of specialty companies.

“We have remained focused on lowering expenses and reducing earnings volatility. The success of these efforts was demonstrated in the second quarter by further improvement in the expense ratio, and a low level of catastrophe losses, despite elevated industry catastrophe losses during the period.”

Argo, which agreed to be offered to Brookfield Reinsurance for about $1.1 billion, is ready for the required regulatory approvals to make the sale official.

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