“Without admitting or denying the SEC’s findings, Argo consented to the SEC’s cease-and-desist order, which requires Argo to pay a US$900,000 (around SG$1.25 million) civil penalty.”… Read More
Volkswagen AG CEO Dr. Herbert Diess, left, and Ford CEO Jim Hackett during a press conference in New York, July 12, 2019.
Meghan Reeder | CNBC
Volkswagen AG has closed on its $2.6 billion investment in Argo AI, the Pittsburgh-based autonomous vehicle start-up announced in a blog post Tuesday.
The German automaker’s deal with Argo and Ford Motor, which acquired a majority stake in the start-up in 2017, included $1 billion in cash and Argo taking over VW’s European self-driving unit, valued at $1.6 billion, as well as the unit’s more than 1,000 employees. VW also agreed to purchase $500
Specialist insurer Argo Group International Holdings, Ltd. has been dealt a blow in the first quarter of 2020.
In the three months ended March 31, the Bermuda-headquartered group posted a net loss of US$18.8 million (around SG$26.5 million) – a more than 120% dive from last year’s US$91.2 million (around SG$128.8 million) net income.
While Argo enjoyed a higher net investment income, at US$35.5 million (around SG$50.15 million), the international underwriter suffered a US$13.9 million (around SG$19.63 million) underwriting loss in the period. The figure represents a 162% plunge from the company’s underwriting result in Q1 2019.
Meanwhile operating income
Ahead of the May 07 release of Argo Group International Holdings, Ltd.’s first quarter numbers, the specialist insurer has outlined the likely adverse impact of the coronavirus crisis to its financial results in the period.
“Argo expects to report pre-tax net catastrophe losses of US$29 million (around SG$40.8 million), including approximately US$26 million (around SG$36.6 million) related to the COVID-19 pandemic, primarily resulting from contingency and property exposures in the company’s international operations and property exposures in its US operations,” noted the Bermuda-headquartered underwriter.
“Property losses relate to sub-limited affirmative business interruption coverage, primarily in certain international markets, as well