Insight and Intelligence on the London & International Insurance Markets 19 Feb 2018
Argo squeezes a beat from a cat-afflicted Q4
- 14 February 2018
Argo Group eked out a profit from a catastrophe-racked fourth quarter and defied market expectations for a loss partly because of a $12.6mn favourable reserve development.
Analysts had estimated Argo would report a loss of $0.35 per share, the average of four estimates compiled by MarketWatch.
Cats reduced pre-tax operating earnings by $34.3mn net of reinsurance and estimated reinstatement premiums as well as adjustments of third-quarter losses, the Bermuda-based company said.
Argo's combined ratio deteriorated to 106.7 percent for the...
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