Announcement • Nov 29
Argo Group International Holdings, Ltd. Files Form 15 Argo Group International Holdings, Ltd. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $1.00 per share. Announcement • Nov 17
Argo Group International Holdings, Ltd.(NYSE:ARGO) dropped from S&P Global BMI Index Argo Group International Holdings, Ltd.(NYSE:ARGO) dropped from S&P Global BMI Index Reported Earnings • Nov 09
Third quarter 2023 earnings released: US$1.41 loss per share (vs US$1.47 loss in 3Q 2022) Third quarter 2023 results: US$1.41 loss per share (improved from US$1.47 loss in 3Q 2022). Revenue: US$378.4m (down 15% from 3Q 2022). Net loss: US$49.5m (loss narrowed 3.7% from 3Q 2022). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Insurance industry in Germany. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: US$0.14 (vs US$0.54 loss in 2Q 2022) Second quarter 2023 results: EPS: US$0.14 (up from US$0.54 loss in 2Q 2022). Revenue: US$364.3m (down 18% from 2Q 2022). Net income: US$4.90m (up US$23.8m from 2Q 2022). Profit margin: 1.3% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Insurance industry in Germany. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Jul 26
Argo Group International Holdings, Ltd. to Report Q2, 2023 Results on Aug 07, 2023 Argo Group International Holdings, Ltd. announced that they will report Q2, 2023 results After-Market on Aug 07, 2023 Reported Earnings • May 09
First quarter 2023 earnings released: US$1.04 loss per share (vs US$0.10 loss in 1Q 2022) First quarter 2023 results: US$1.04 loss per share (further deteriorated from US$0.10 loss in 1Q 2022). Revenue: US$401.7m (down 17% from 1Q 2022). Net loss: US$36.4m (loss widened US$32.8m from 1Q 2022). Revenue is expected to decline by 1.6% p.a. on average during the next 2 years, while revenues in the Insurance industry in Germany are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Lead Independent Director Bernard Bailey was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 28
Full year 2022 earnings released: US$5.31 loss per share (vs US$0.11 loss in FY 2021) Full year 2022 results: US$5.31 loss per share (further deteriorated from US$0.11 loss in FY 2021). Revenue: US$1.75b (down 18% from FY 2021). Net loss: US$185.7m (loss widened US$181.9m from FY 2021). Revenue is expected to decline by 4.6% p.a. on average during the next 2 years, while revenues in the Insurance industry in Germany are expected to grow by 5.5%. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Announcement • Feb 16
Argo Group International Holdings, Ltd. to Report Q4, 2022 Results on Feb 27, 2023 Argo Group International Holdings, Ltd. announced that they will report Q4, 2022 results After-Market on Feb 27, 2023 Announcement • Feb 14
Argo Group International Holdings, Ltd. Announces J. Daniel Plants Steps Down from Board of Directors Argo Group International Holdings, Ltd. (announced that J. Daniel Plants, a member of the Argo Board of Directors and Chairman of its Strategic Review Committee, has notified the company of his intention to step down from the Board, effective immediately. Mr. Plants is Founder and Chief Investment Officer of Voce Capital Management LLC, Argo’s largest shareholder. He was appointed to the Board on August 4, 2022. Announcement • Feb 10
Brookfield Reinsurance Ltd. entered into a definitive agreement to acquire Argo Group International Holdings, Ltd. from Voce Capital Management, LLC and other shareholders for $1.1 billion. Brookfield Reinsurance Ltd. entered into a definitive agreement to acquire Argo Group International Holdings, Ltd. from Voce Capital Management, LLC and other shareholders for $1.1 billion on February 8, 2023. The consideration will be paid in cash. As part of the agreement, each issued and outstanding Argo common share will be converted into the right to receive $30.00 in cash at closing of the merger, funded by existing cash on hand and liquidity available to Brookfield Reinsurance. Under the terms of the merger agreement, Argo has agreed to suspend the payment of dividends on its common shares through the closing of the transaction. The transaction is subject to approval by Argo Group International Holdings, Ltd shareholders and other closing conditions customary for a transaction of this type, including receipt of insurance regulatory approvals in relevant jurisdictions and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Brookfield Reinsurance Ltd and Argo Group International Holdings, Ltd boards of directors unanimously approved the merger agreement. The transaction is expected to close in the second half of 2023. Andrew Jamieson, Drew Dutton, Dylan Sanders, Caroline Geiger, Josh Herzka, Michael Bolotin, Eric Juergens, Susan Reagan Gittes, Michael Snypes and Keith Slattery of Debevoise & Plimpton LLP acted as legal advisor to Brookfield Reinsurance Ltd. Goldman Sachs & Co. LLC acted as financial advisor to Argo Group International Holdings, Ltd. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Argo Group International Holdings, Ltd. Announcement • Dec 14
Bragar Eagel & Squire, P.C. Announces Class Action Lawsuit File Against Argo Group International Holdings, Ltd Bragar Eagel & Squire, P.C. announced that a class action lawsuit has been filed against Argo Group International Holdings, Ltd. in the United States District Court for The Southern District Of New York on behalf of all persons and entities who purchased or otherwise acquired Argo securities between January 7, 2020 and August 8, 2022, both dates inclusive (the Class Period). Investors have until December 20, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit. Argo expects net adverse prior year reserve development to be in the range of $130 million to $140 million for the 2021 fourth quarter. Prior year adverse development was the result of the recently concluded fourth quarter 2021 reserve review. The reserve increases were related to construction defect claims within Argo’s U.S. Operations, in addition to reserve increases in the Run-off segment. The prior year reserve increase for construction defect primarily related to the 2017 and prior underwriting years in business lines that have either been significantly remediated or discontinued. Upcoming Dividend • Nov 22
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 15 December 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 4.8%. Lower than top quartile of German dividend payers (4.9%). In line with average of industry peers (4.4%). Announcement • Nov 22
Capital Returns Management LLC Issues Response to Argo Group International Holdings Ltd.’s Investor Presentation On November 21, 2022, Capital Returns Management LLC announced that it has issued a response to Argo Group International Holdings Ltd.’s investor presentation, highlighting the Company’s statements over its performance and management. In addition, Capital Returns Management LLC highlighted the Company’s strategies and current CEO’s actions for the past years and how they effected the shareholder’s capital for the past few months. Announcement • Nov 17
The Gross Law Firm Notifies Shareholders of Argo Group International Holdings, Ltd. of Class Action Lawsuit The Gross Law Firm issues the following notice to shareholders of Argo Group International Holdings, Ltd. Shareholders who purchased shares of ARGO during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. class period: This lawsuit is on behalf of investors that purchased or otherwise acquired Argo common stock between February 13, 2018 and August 9, 2022. allegations: The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: Argo's reserves were wholly inadequate and its underwriting standards were not prudent as was represented, Argo had dramatically changed its underwriting policies on certain U.S. construction contracts as far back as 2018, and these policies were underwritten outside of the Company's core business including in certain states and for certain exposures that were far riskier than investors understood and that the Company no longer would service moving forward. deadline: December 20, 2022 Shareholders should not delay in registering for this class action. Announcement • Nov 16
Capital Returns Management LLC Issues an Investor Presentation with Shareholders of Argo Group International Holdings Ltd On November 15, 2022, Capital Returns Management LLC announced that it has issued an investor presentation with shareholders of Argo Group International Holdings Ltd, highlighting the Company’s performance in creating value to shareholders, board actions against judgements and compelling reasons that shareholders should vote to change the composition of Company’s board. In addition, Capital Returns Management LLC urged the shareholders of the Company to vote for its board nominees Ron Bobman and Dave Michelson at the 2022 annual meeting of shareholders. Reported Earnings • Nov 09
Third quarter 2022 earnings released: US$1.47 loss per share (vs US$0.57 profit in 3Q 2021) Third quarter 2022 results: US$1.47 loss per share (down from US$0.57 profit in 3Q 2021). Revenue: US$444.3m (down 16% from 3Q 2021). Net loss: US$51.4m (down 360% from profit in 3Q 2021). Revenue is expected to decline by 4.1% p.a. on average during the next 3 years, while revenues in the Insurance industry in Germany are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Announcement • Nov 08
Argo Group International Holdings, Ltd. Reports Consolidated Unaudited Impairment for the Third Quarter Ended September 30, 2022 Argo Group International Holdings, Ltd. reported consolidated unaudited impairment for the third quarter ended September 30, 2022. For the quarter, the company reports impairment of goodwill of 28.5 million. Announcement • Nov 05
Argo Group International Holdings, Ltd. Announces Quarterly Dividend, Payable on December 15, 2022 Argo Group International Holdings, Ltd. announced that the Board of Directors declared a quarterly cash dividend of $0.31per share on the company’s common stock. The cash dividend will be paid on December 15, 2022, to shareholders of record on November 30, 2022. Announcement • Nov 02
Argo Group International Holdings, Ltd., Annual General Meeting, Dec 15, 2022 Argo Group International Holdings, Ltd., Annual General Meeting, Dec 15, 2022, at 08:00 US Eastern Standard Time. Announcement • Oct 28
Fred R. Donner Announces Not to Stand for Re-Election to the Board of Argo Group International Holdings, Ltd On October 24, 2022, Fred R. Donner, a member of the Board of Directors of Argo Group International Holdings, Ltd., notified the Company that he does not intend to stand for re-election to the Board at the completion of his term ending at the 2022 Annual General Meeting of Shareholders (the “Annual General Meeting”) in light of his other professional and personal commitments. Mr. Donner’s decision is not due to any disagreement with the Company or the Board on any matter relating to the Company’s operations, policies or practices. In light of Mr. Donner’s notification to the Company, the Board has reduced the size of the Board to seven directors, effective immediately upon the commencement of the Annual General Meeting. Announcement • Oct 22
Grant & Eisenhofer Files Class Action Lawsuit Against Argo Group International on Behalf of Institutional Investor Police & Fire Retirement System City of Detroit, has filed a class action lawsuit against international underwriter Argo Group International Holdings, Ltd. (Argo or the Company), alleging it defrauded investors by issuing false and misleading statements concerning the Company’s ability to set appropriate reserves, changing of its underwriting policies, and writing of policies outside of its “core” business. The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, the lawsuit alleges that throughout the Class Period, Defendants touted that they closely monitored Argo’s underwriting policies and had the ability to set appropriate reserves. Argo cultivated a narrative that it had a long history of successfully managing its reserves and that the Company had a “prudent reserving philosophy.” However, this narrative created by Argo was false and misleading. Argo’s reserves were wholly inadequate, its underwriting standards were not prudent as represented, and Argo had dramatically changed its underwriting policies on certain U.S. construction contracts as far back as 2018. Further, these policies were underwritten outside of the Company’s “core” business including in certain states and for certain exposures that were far riskier than investors understood and that the Company no longer would service moving forward. The truth was partially disclosed on February 8, 2022, when Argo reported that its fourth quarter results for 2021 would be negatively impacted by $130 to $140 million worth of prior year reserve development and non-operating charges. The Company admitted that the largest reserve increases were related to construction defect claims within Argo’s U.S. Operations, in addition to reserve increases in the Run-off segment. The Company also admitted that the prior year reserve increase for construction defect primarily related to the 2017 and prior underwriting years in business lines that had either been significantly remediated or discontinued. When investors learned the truth about Argo’s reserves and underwriting practices, the price of its common stock fell $7.11 per share (or 13.7%) in one day, dropping from a closing price of $51.87 per share on February 8, 2022 to close at $44.76 per share, on February 9, 2022. On February 10, 2022, the price of Argo’s common stock declined to $42.82 per share, for a two-day drop of $9.05 per share (or 17.5%) wiping out over $315 million in market capitalization. Just months later, on August 8, 2022, Argo again shocked its investors when it announced that it had entered into a Loss Portfolio Transfer agreement with a wholly owned subsidiary of Enstar Group Limited covering a majority of the company’s U.S. casualty insurance reserves. On this news, the price of Argo’s common stock declined $9.12 per share (or 28.3%) from an August 8, 2022 closing price of $32.22 to close at $23.10 per share on August 10, 2022. This drop caused the Company’s market capitalization to fall another $320 million. Argo’s stock price is down more than 60% this year, trading near its 52-week low. Announcement • Oct 19
Argo Group International Holdings, Ltd. to Report Q3, 2022 Results on Nov 07, 2022 Argo Group International Holdings, Ltd. announced that they will report Q3, 2022 results After-Market on Nov 07, 2022 Announcement • Sep 19
Argo Group International Holdings, Ltd.(NYSE:ARGO) dropped from S&P Insurance Select Industry Index Argo Group International Holdings, Ltd.(NYSE:ARGO) dropped from S&P Insurance Select Industry Index Announcement • Sep 15
Argo Reportedly Re-Launches Sale Process After Sale of Lloyd's Syndicate After Argo Group sealed a deal to sell its Lloyd's syndicate to Westfield the company moved quickly to reboot its sale process, reported Adam McNestrie for Inside P&C. Argo previously ran a sales process earlier 2022, but "received lukewarm interest over the summer," according to McNestrie, who is told by sources that advisor Goldman Sachs has approached potential bidders and invited them to engage ahead of a sales process. Upcoming Dividend • Aug 23
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 30 August 2022. Payment date: 15 September 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 6.0%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (5.3%). Announcement • Aug 17
Argo Group International Holdings, Ltd. Appoints Jessica Snyder as President, U.S. Insurance Argo Group International Holdings, Ltd. announced Jessica Snyder has been appointed to serve as president, U.S. insurance, effective immediately. Snyder will report to Tom Bradley, Argo’s executive chairman and chief executive officer. With almost 30 years of industry experience, Snyder joins Argo from GuideOne Insurance where she most recently served as its president and chief executive officer from 2017 through 2022. During her time at GuideOne, Snyder led the company’s restructuring to a mutual holding company, expanded its niche commercial and excess and surplus insurance product lines, reconfigured its reinsurance program, and strengthened the leadership team and board with experienced executives. Her efforts resulted in the resurgence of GuideOne, delivering profitable growth and diversified revenue streams. Prior to GuideOne, Snyder has had a distinguished career, holding multiple leadership positions in the property and casualty industry. She served as senior vice president of commercial and specialty lines at State Auto Insurance. She also served as senior vice president, chief operating officer and chief financial officer at Rockhill Insurance Group, and as chief financial officer at Citizens Property Insurance. Snyder has a Bachelor of Science in accounting from University of Wisconsin and a Master of Business Administration degree in finance from the University of Florida. Reported Earnings • Aug 10
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: US$443.2m (down 19% from 2Q 2021). Net loss: US$18.9m (down 128% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 1.6%, compared to a 27% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Announcement • Aug 09
Argo Group International Holdings, Ltd. Announces Appointment of J. Daniel Plants as Independent Member of Board of Directors Argo Group International Holdings, Ltd. announced on August 4, 2022 the appointment of J. Daniel Plants as an independent member of the company’s board of directors. Mr. Plants is a seasoned investor, financial executive and senior advisor with three decades of experience helping companies successfully navigate change and unlock shareholder value. He currently serves as Chief Investment Officer of Voce Capital Management LLC, which he founded in 2011 after working at several leading financial institutions, including in executive positions in the mergers and acquisitions groups at Goldman, Sachs & Co. and JPMorgan Chase, and in the securities law practice at Sullivan & Cromwell. Mr. Plants currently serves as the Executive Chairman of Cutera Inc. and was until earlier this year a director at Calix Inc., where he chaired the Strategic Review Committee. With the addition of Mr. Plants, Argo’s Board will comprise nine directors, eight of whom are independent, and six of whom have been appointed in the last three years. In connection with Mr. Plants’ appointment to the Board, he will also be appointed to serve on the Board’s Strategic Review Committee and Human Resources Committee. Announcement • Aug 06
Argo Group International Holdings, Ltd. Announces Quarterly Cash Dividend, Payable on September 15, 2022 Argo Group International Holdings, Ltd. announced that the Board of Directors declared a quarterly cash dividend of $0.31per share on the company’s common stock. The cash dividend will be paid on September 15, 2022 to shareholders of record on August 31, 2022. Announcement • Jul 12
Argo Group International Holdings, Ltd. to Report Q2, 2022 Results on Aug 08, 2022 Argo Group International Holdings, Ltd. announced that they will report Q2, 2022 results at 4:00 PM, US Eastern Standard Time on Aug 08, 2022 Announcement • May 06
Argo Group International Holdings, Ltd. Declares Quarterly Cash Dividend, Payable on June 15, 2022 Argo Group International Holdings, Ltd. announced that the Board of Directors declared a quarterly cash dividend of $0.31 per share on the company’s common stock. The cash dividend will be paid on June 15, 2022 to shareholders of record on May 31, 2022. Announcement • Apr 15
Argo Group International Holdings, Ltd. to Report Q1, 2022 Results on May 02, 2022 Argo Group International Holdings, Ltd. announced that they will report Q1, 2022 results After-Market on May 02, 2022 Announcement • Mar 10
Argo Group International Holdings, Ltd. Announces Executive Changes On March 2, 2022, Argo Group International Holdings, Ltd. was notified that Kevin J. Rehnberg, its Chief Executive Officer, would be temporarily unable to perform his duties for health reasons. Effective March 3, 2022, Thomas A. Bradley, who has served on Board of Directors since 2018, including as Chairman since 2020, assumed Mr. Rehnberg’s authority, duties and responsibilities as Chief Executive Officer during this period. Announcement • Mar 03
Argo Group International Holdings, Ltd. announced delayed annual 10-K filing On 03/01/2022, Argo Group International Holdings, Ltd. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Reported Earnings • Feb 24
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: US$0.14 loss per share (up from US$1.70 loss in FY 2020). Revenue: US$2.13b (up 13% from FY 2020). Net loss: US$4.70m (loss narrowed 92% from FY 2020). Combined ratio: 105.6% (down from 106.0% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 2.8% compared to a 15% growth forecast for the insurance industry in Germany. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Feb 17
Argo Group International Holdings, Ltd. Declares Quarterly Cash Dividend, Payable on March 15, 2022 Argo Group International Holdings, Ltd. announced that the Board of Directors declared a quarterly cash dividend of $0.31 per share on the company’s common stock. The cash dividend will be paid on March 15, 2022 to shareholders of record on February 28, 2022. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorated over the past week After last week's 21% share price decline to €38.80, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Insurance industry in Germany. Total loss to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €24.85 per share. Announcement • Jan 28
Argo Group International Holdings, Ltd. to Report Q4, 2021 Results on Feb 22, 2022 Argo Group International Holdings, Ltd. announced that they will report Q4, 2021 results on Feb 22, 2022 Upcoming Dividend • Nov 22
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 29 November 2021. Payment date: 15 December 2021. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (4.2%). Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS US$0.57 (vs US$0.91 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$528.3m (up 9.3% from 3Q 2020). Net income: US$19.8m (up US$51.4m from 3Q 2020). Profit margin: 3.7% (up from net loss in 3Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Aug 28
Mesa Underwriters Specialty Insurance Company agreed to acquire Contract Binding P&C Renewal Rights and Casualty Business from Argo Group International Holdings, Ltd. (NYSE:ARGO). Mesa Underwriters Specialty Insurance Company agreed to acquire Contract Binding P&C Renewal Rights and Casualty Business from Argo Group International Holdings, Ltd. (NYSE:ARGO) on August 26, 2021. As a part of the transaction, the Argo contract binding team will have the option to join MUSIC and continue to serve this market. Argo Group will continue to honor and service all policies currently in force. Upcoming Dividend • Aug 23
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 15 September 2021. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (4.3%). Reported Earnings • Aug 03
Second quarter 2021 earnings released: EPS US$1.93 (vs US$0.18 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$547.7m (up 20% from 2Q 2020). Net income: US$67.1m (up US$73.5m from 2Q 2020). Profit margin: 12% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Announcement • May 07
Argo Group International Holdings, Ltd. Declares Quarterly Cash Dividend, Payable on June 4, 2021 Argo Group International Holdings, Ltd. announced that the Board of Directors declared a quarterly cash dividend of $0.31 per share on the company’s common stock. The cash dividend will be paid on June 4, 2021 to all common shareholders of record on May 21, 2021. Announcement • Feb 09
Argo Group International Holdings, Ltd. Announces Management Changes Argo Group International Holdings, Ltd. announced that Scott Kirk has been appointed as chief financial officer, effective March 1, 2021. Kirk will succeed Jay Bullock, whose planned departure from the company was announced last year, pending the identification of a successor. Kirk joins Argo from Aspen Insurance Holdings Limited, where he served as chief financial officer from 2014 to April 2020. Prior to that, Kirk served in several senior finance roles from 2007 to 2014, including as chief financial officer of Aspen’s insurance business. Announcement • Feb 03
Argo Group International Holdings, Ltd. Provides Earning Guidance for the Fourth Quarter of 2020 Argo Group International Holdings, Ltd. provides earning guidance for the fourth quarter of 2020. For the period, the company expects estimated losses related to various natural catastrophe events and the continued impact of the COVID-19 pandemic. Company expects to report natural catastrophe losses of approximately $38 million in the fourth quarter, primarily related to hurricanes Delta and Zeta as well as changes in estimated losses from third quarter 2020 events. Approximately two-thirds of the natural catastrophe losses were generated in the International Operations. Argo further expects to report net losses of approximately $13 million due to the ongoing COVID-19 pandemic, primarily related to contingency exposures in Argo’s International Operations. The company’s loss estimates are pre-tax and net of reinsurance recoveries. Announcement • Jan 13
Argo Group International Holdings, Ltd. to Report Q4, 2020 Results on Feb 17, 2021 Argo Group International Holdings, Ltd. announced that they will report Q4, 2020 results After-Market on Feb 17, 2021 Is New 90 Day High Low • Jan 07
New 90-day high: €37.80 The company is up 22% from its price of €31.00 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €47.42 per share. Announcement • Dec 24
Philantra Holding AG entered into an agreement to acquire ArgoGlobal Assicurazioni SpA from Argo Group International Holdings, Ltd. (NYSE:ARGO) Philantra Holding AG entered into an agreement to acquire ArgoGlobal Assicurazioni SpA from Argo Group International Holdings, Ltd. (NYSE:ARGO) on December 23, 2020. Closing of the transaction is subject to regulatory approval and is expected to occur in early 2021. Is New 90 Day High Low • Dec 07
New 90-day high: €36.00 The company is up 18% from its price of €30.60 on 08 September 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €24.64 per share. Announcement • Nov 26
J.C. Flowers and J.C. Flowers & Co. LLC completed the acquisition of Ariel Re Bda Limited from Argo Group International Holdings, Ltd. (NYSE:ARGO) for $30 million. J.C. Flowers and J.C. Flowers & Co. LLC signed an agreement to acquire Ariel Re Bda Limited from Argo Group International Holdings, Ltd. (NYSE:ARGO) on November 2, 2020. Under the terms of the agreement, the buying group’s corporate member will provide Ariel Re’s capital for the 2021 year of account, and Argo Group has agreed to retain historical reserves. The transaction is subject to regulatory approval. The transaction is expected to close in 2020. Morgan Stanley (NYSE:MS) acted as a financial advisor, Adam M. Givertz, Jonathan Ashtor, Michael Kurzer, Scott Sontag, Andrew Gaines, Lisa Krausz Eisenberg, Salvatore Gogliormella, Steven Herzog, Peter Jaffe and Richard Elliott of Paul, Weiss, Rifkind, Wharton & Garrison LLP and Clyde & Co LLP acted as a legal advisor to Argo Group. Doug Warner and Kimberly Blanchard of Weil, Gotshal & Manges LLP acted as legal advisor to J.C. Flowers & Co. LLC in the transaction.
J.C. Flowers and J.C. Flowers & Co. LLC completed the acquisition of Ariel Re Bda Limited from Argo Group International Holdings, Ltd. (NYSE:ARGO) for $30 million on November 25, 2020. The impact of the transaction to GAAP book value will not be material. Reported Earnings • Nov 05
Third quarter 2020 earnings released: US$0.91 loss per share The company reported a poor third quarter result with increased losses and weaker control over expenses, although revenues were flat. Third quarter 2020 results: Revenue: US$483.5m (flat on 3Q 2019). Net loss: US$31.6m (loss widened 26% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 81% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 05
Revenue beats expectations Revenue exceeded analyst estimates by 0.4%. Over the next year, revenue is forecast to grow 6.7%, compared to a 16% growth forecast for the Insurance industry in Germany. Announcement • Nov 03
J.C. Flowers and J.C. Flowers & Co. LLC signed an agreement to acquire Ariel Re Bda Limited from Argo Group International Holdings, Ltd. (NYSE:ARGO). J.C. Flowers and J.C. Flowers & Co. LLC signed an agreement to acquire Ariel Re Bda Limited from Argo Group International Holdings, Ltd. (NYSE:ARGO) on November 2, 2020. Under the terms of the agreement, the buying group’s corporate member will provide Ariel Re’s capital for the 2021 year of account, and Argo Group has agreed to retain historical reserves. The transaction is subject to regulatory approval. The transaction is expected to close in 2020. Morgan Stanley (NYSE:MS) acted as a financial advisor, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Clyde & Co LLP acted as a legal advisor to Argo Group. Doug Warner and Kimberly Blanchard of Weil, Gotshal & Manges LLP acted as legal advisor to J.C. Flowers & Co. LLC in the transaction. Is New 90 Day High Low • Nov 02
New 90-day high: €31.80 The company is up 12% from its price of €28.40 on 04 August 2020. The German market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €21.83 per share. Announcement • Oct 02
Argo Group International Holdings, Ltd. Appoints Allison Kiene to Serve as Group General Counsel Argo Group International Holdings Ltd. announced the appointment of Allison Kiene to serve as the company’s general counsel. In this role, Kiene will be responsible for the company’s legal and compliance teams and will report directly to Chief Executive Officer Kevin Rehnberg. Kiene joins Argo from Sompo International Holdings Ltd., where she served as assistant general counsel and chief compliance officer, data protection officer. She held similar roles with increasing responsibility at Montpelier Re Holdings Ltd., Blue Capital Management Ltd. and Familymeds Group Inc. Announcement • Oct 01
Argo Group International Holdings, Ltd. to Report Q3, 2020 Results on Nov 02, 2020 Argo Group International Holdings, Ltd. announced that they will report Q3, 2020 results at 5:00 PM, Eastern Standard Time on Nov 02, 2020 Announcement • Jul 30
Paragon Insurance Holdings, LLC completed the acquisition of Trident Insurance Services, LLC from Argo Group International Holdings, Ltd. (NYSE:ARGO). Paragon Insurance Holdings, LLC agreed to acquire Trident Insurance Services, LLC from Argo Group International Holdings, Ltd. (NYSE:ARGO) for $43 million on February 6, 2020. Argo will retain Trident’s claims operations and will provide claims services to Paragon for the public entity business. Paragon will continue to write business on Argo paper through a managing general agency agreement. All existing Trident policies and products will remain valid and available. The transaction is expected to close in the coming months. Adam M. Givertz of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Argo Group International Holdings, Ltd.
Paragon Insurance Holdings, LLC completed the acquisition of Trident Insurance Services, LLC from Argo Group International Holdings, Ltd. (NYSE:ARGO) on May 4, 2020. 
