In This Story
Argo Group International Holdings Ltd. 6.5% Senior Notes Due 2042 (ARGD+2.09%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which focus on specialty insurance products in the property and casualty market. The company operates under three reportable segments: Casualty Lines, Specialty Lines, and Run-off Lines.
For the year ended December 31, 2024, Argo Group reported a net loss attributable to common stockholders of $158.6 million. This was primarily due to losses and loss adjustment expenses totaling $1,018.3 million.
Net earned premiums for the year were $1,089.8 million, with the majority coming from the Casualty Lines segment. The company also reported net investment income of $249.8 million, driven by accretion income and a change in investment strategy.
The company underwent a merger with Brookfield Wealth Solutions Ltd. on November 16, 2023, resulting in a new basis of accounting for its assets and liabilities. This merger led to a strategic reassessment of business lines and a realignment of reporting segments.
Argo Group's reserves for losses and loss adjustment expenses were $5,798.6 million as of December 31, 2024, reflecting an increase due to net unfavorable prior-year reserve development.
The company highlighted various risks in its filing, including exposure to interest rate fluctuations, credit risk, and foreign currency risk. It also noted the potential impact of global climate change on its operations.
Argo Group's investment portfolio at year-end consisted of 50.5% fixed maturities, 5.1% mortgage loans, 14.0% private loans, 10.1% equity securities, 14.1% other investments, and 6.2% short-term investments.
The filing also discussed the company's liquidity and capital resources, noting a $300.0 million capital contribution from Brookfield Wealth Solutions Ltd. in the fourth quarter of 2024 to support its insurance subsidiaries.
The company continues to focus on maintaining adequate capital to meet obligations and fund operations, with access to various sources of liquidity, including cash, investments, and borrowing facilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Argo Group International Holdings Ltd. 6.5% Senior Notes Due 2042 annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.