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