Argo Group Worldwide Holdings, which is being acquired by Brookfield Reinsurance topic to approvals, has revealed its monetary outcomes for the quarter and 12 months ended December 31, 2022.
Right here’s how the corporate carried out throughout what was described by govt chair and chief govt Thomas A. Bradley as a “transformative” 12 months:
|
Metric
|
This fall 2022
|
This fall 2021
|
FY22
|
FY21
|
|---|---|---|---|---|
|
Gross written premium (GWP)
|
$644.5 million
|
$733.8 million
|
$2.85 billion
|
$3.18 billion
|
|
Underwriting revenue / (loss)
|
$(133.8 million)
|
$(109 million)
|
$(97.2 million)
|
$(106.8 million)
|
|
Web funding revenue
|
$28.9 million
|
$44.4 million
|
$129.8 million
|
$187.6 million
|
|
Web revenue / (loss) attributable to widespread shareholders
|
$(111.8 million)
|
$(117.8 million)
|
$(185.7 million)
|
$(3.8 million)
|
|
Working earnings
|
$(94.5 million)
|
$(61.8 million)
|
$(4.7 million)
|
$41.5 million
|
According to Argo, the decline in GWP was primarily on account of companies it has exited. In the meantime, the web loss attributable to widespread shareholders within the fourth quarter included $11.5 million in international forex change losses and $17.6 million of non-operating bills.
Shifting ahead, Argo is seeking to leverage its simplified enterprise mannequin and strengthened stability sheet. Final month, the agency accomplished the sale of Argo Underwriting Company Restricted and Lloyd’s Syndicate 1200. The transfer was a part of Argo’s push to turn out to be a pure-play US specialty insurer.
Bradley acknowledged: “2022 was a transformative 12 months for the corporate. The strategic actions we now have taken strengthened Argo and higher place it to ship sturdy returns transferring ahead.
“The Argo of at this time is markedly completely different from the Argo of solely two years in the past. We’ve streamlined the corporate to concentrate on our most worthwhile enterprise strains, achieved focused expense reductions, and continued to de-risk the stability sheet. On the identical time, we now have remained nimble within the market – responding to the wants of shoppers and enterprise companions.”
Enthusiastic about “our subsequent chapter as part of Brookfield Reinsurance,” the CEO additionally thanked each the management group and Argo staff for his or her dedication over the previous 12 months throughout the now accomplished strategic options overview of the enterprise.
Argo’s merger with Brookfield Reinsurance is anticipated to shut within the second half of the 12 months.
Argo Group Worldwide Holdings, which is being acquired by Brookfield Reinsurance topic to approvals, has revealed its monetary outcomes for the quarter and 12 months ended December 31, 2022.
Right here’s how the corporate carried out throughout what was described by govt chair and chief govt Thomas A. Bradley as a “transformative” 12 months:
|
Metric
|
This fall 2022
|
This fall 2021
|
FY22
|
FY21
|
|---|---|---|---|---|
|
Gross written premium (GWP)
|
$644.5 million
|
$733.8 million
|
$2.85 billion
|
$3.18 billion
|
|
Underwriting revenue / (loss)
|
$(133.8 million)
|
$(109 million)
|
$(97.2 million)
|
$(106.8 million)
|
|
Web funding revenue
|
$28.9 million
|
$44.4 million
|
$129.8 million
|
$187.6 million
|
|
Web revenue / (loss) attributable to widespread shareholders
|
$(111.8 million)
|
$(117.8 million)
|
$(185.7 million)
|
$(3.8 million)
|
|
Working earnings
|
$(94.5 million)
|
$(61.8 million)
|
$(4.7 million)
|
$41.5 million
|
According to Argo, the decline in GWP was primarily on account of companies it has exited. In the meantime, the web loss attributable to widespread shareholders within the fourth quarter included $11.5 million in international forex change losses and $17.6 million of non-operating bills.
Shifting ahead, Argo is seeking to leverage its simplified enterprise mannequin and strengthened stability sheet. Final month, the agency accomplished the sale of Argo Underwriting Company Restricted and Lloyd’s Syndicate 1200. The transfer was a part of Argo’s push to turn out to be a pure-play US specialty insurer.
Bradley acknowledged: “2022 was a transformative 12 months for the corporate. The strategic actions we now have taken strengthened Argo and higher place it to ship sturdy returns transferring ahead.
“The Argo of at this time is markedly completely different from the Argo of solely two years in the past. We’ve streamlined the corporate to concentrate on our most worthwhile enterprise strains, achieved focused expense reductions, and continued to de-risk the stability sheet. On the identical time, we now have remained nimble within the market – responding to the wants of shoppers and enterprise companions.”
Enthusiastic about “our subsequent chapter as part of Brookfield Reinsurance,” the CEO additionally thanked each the management group and Argo staff for his or her dedication over the previous 12 months throughout the now accomplished strategic options overview of the enterprise.
Argo’s merger with Brookfield Reinsurance is anticipated to shut within the second half of the 12 months.
