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Argo Group International Holdings Ltd. (ARGD) 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)
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.