Specialty re/insurer Argo Group International Holdings has today announced an expected loss of $16.5 million in its 2017 first quarter earnings.
The firm has said four major factors contributed to its first quarter losses including its recent $2.5 million acquisition of Ariel Re; restructuring and insurtech start-up costs of $4 million after outsourcing infrastructure and information technology to third-party managed service providers, and the UK Ogden discount rate change contributing to a further first quarter revenue blow of $5 million.
Argo Group said an additional blow to first quarter losses came from late Hurricane Matthew claims reaching an expected $5 million.
The reinsurer will release its final first quarter 2017 financial results on May 3rd after the close of U.S. financial markets.
