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Argo Group International Holdings Ltd. (ARGD-1.93%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss attributable to common stockholders of $134.9 million for the three months ended September 30, 2024, compared to a net loss of $49.5 million in the same period the previous year.
Gross written premiums for the quarter were $429.8 million, a decrease from $528.3 million in the same quarter of the prior year. Net earned premiums were $234.3 million, down from $342.7 million.
Net investment income for the quarter was $62.3 million, up from $40.4 million in the previous year, driven by income from fixed maturity and short-term investment securities.
The company reported a loss ratio of 148.0% for the quarter, compared to 82.0% in the same period last year, with the increase attributed to higher-than-expected loss experience.
Underwriting, acquisition, and general expenses for the quarter were $110.9 million, compared to $116.1 million in the previous year. The expense ratio increased to 47.3% from 33.8%.
Argo Group's U.S. Operations reported a gross written premium of $369.2 million, while International Operations reported $60.6 million for the quarter.
The company recorded net unfavorable prior-year reserve development of $144.1 million for the quarter, with significant contributions from U.S. and International Operations.
Cash used in operating activities for the nine months ended September 30, 2024, was $83.6 million, compared to cash provided by operating activities of $271.5 million in the same period of 2023.
Argo Group's total assets as of September 30, 2024, were $8,816.6 million, up from $8,503.1 million at the end of the previous year.
The filing also details various legal proceedings, including a federal securities class action and Bermuda appraisal petitions related to the acquisition by Brookfield Wealth Solutions Ltd. (BN-1.42%)
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 quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.