Argo Group reports $27 2m profit royalgazette.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from royalgazette.com Daily Mail and Mail on Sunday newspapers.
Argo Group: Q1 Earnings Snapshot
May 3, 2021
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PEMBROKE, Bermuda (AP) Argo Group International Holdings Ltd. (ARGO) on Monday reported first-quarter net income of $29.8 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Pembroke, Bermuda-based company said it had net income of 78 cents. Earnings, adjusted for non-recurring gains, came to 44 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 2 cents per share.
The property and casualty insurance underwriter posted revenue of $523.6 million in the period. Its adjusted revenue was $510.5 million, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $483.6 million.
Argo Group Estimates Q1 2021 Catastrophe Losses of $47 Million April 22, 2021
Bermuda-based Argo Group International Holdings Ltd. announced estimated catastrophe losses of approximately $47 million for the first quarter of 2021.
Argo expects to report Q1 natural catastrophe losses of approximately $43 million, primarily related to Winter Storm Uri. Approximately half of natural catastrophe losses are attributable to International Operations, which includes losses related to Ariel Re that was sold during 2020.
Argo further expects to report net losses of approximately $4 million due to the ongoing COVID-19 pandemic, primarily related to contingency exposures in Argo’s International Operations.
Argo’s loss estimates are pre-tax and net of reinsurance recoveries. The company said its actual losses may ultimately differ materially from estimated losses due to the nature of the risks assumed, the complexity of the assessment of damages and the
Argo Group to hold virtual AGM royalgazette.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from royalgazette.com Daily Mail and Mail on Sunday newspapers.