International insurer and reinsurer Argo Group International Holdings, Ltd. has revealed that it plans to make changes to its reporting of financial results, with two reporting segments, U.S. operations and International operations.
The change looks to simplify how the re/insurer reports its operational results, with the company now reporting on two segments instead of the four it reported on previously, and comes into effective with first quarter 2017 earnings.
According to the company the U.S. business reporting will include the Excess & Surplus Lines and Commercial Specialty businesses, while the International segment will report on Syndicate 1200, International Specialty and the recently acquired Ariel Re operation.
Argo Group Chief Executive Officer (CEO), Mark E. Watson III, commented; “This is an important step better reflecting the way we are managing our businesses and thinking about our operating platforms. We achieved important enhancements last year with the addition of Jose A. Hernandez to lead our international business and the acquisition of Ariel Re, which closed earlier this year.
“These recent additions combined with the consolidation of our U.S. Operations under the leadership of Kevin J. Rehnberg, allows us to make this change. With these additions and operational changes, we are better positioned as a global underwriter of specialty insurance and reinsurance products.”