Argo Group has reported that its net earned premiums increased 4.2% in Q4 2021 in its latest quarterly release of results.
The announcement, which came this week, also saw the insurer state that its total catastrophe losses for Q4 2021 being $6.8m, down from $51m in Q4 2020. Full-year catastrophe losses for the firm were $92.7m, down from $179.2 million in 2020.
Overall, the company reported a Q4 net loss to common shareholders of $118.8m, compared to a net loss attributable to common shareholders of $3.5m or $0.10 per diluted common share for the 2020 fourth quarter. For the year ended 2021, Argo reported a net loss attributable to common shareholders of $4.7m or $0.13 per diluted common share, compared to a net loss attributable to common shareholders of $58.7m or $1.70 per diluted common share in 2020.
Kevin Rehnberg, CEO of Argo, said that the business was in the fourth quarter of its journey, and that he was confident in the firm’s underlying strength and profitability. He also said that it had completed the majority of its work in reducing volatility in its underwriting results.
He added: “Our strategic focus on reducing volatility through exiting and divesting in non-core businesses is evident in 2021 catastrophe loss results. Despite elevated industry losses, year-over-year, our catastrophe losses were down significantly. And, then, in the ongoing businesses, net catastrophe losses have averaged $18m annually over the last five years.”
He went on: “And third, I would like to point out the strong progress we are making on growing our most profitable businesses. In fact, gross written premium has increased by approximately 15% in the full-year of 2021 in the ongoing businesses. These are all notable milestones.”
Rehnberg said that in 2022, Argo would look to continue to strengthen and simplify its organisation, focusing on expenses. He added that it would remain focused on reducing volatility in its underwriting results, while pursuing profitable growth.
