Meanwhile, Gross Lighted Premium (GWP) was down 8.4% to US $ 756.5 million. It was pointed out that the decrease in international premiums was due to the sale of Ariel Re in November last year and the planned withdrawal of businesses in Italy and Malta.
In addition, the Bermuda-based insurance group suffered an underwriting loss of US $ 17.9 million during this period. In the US business, professional underwriters had underwriting revenue of US $ 11.3 million. Underwriting loss of US $ 21.8 million in international business.
The latest underwriting results, though negative, are better than the underwriting loss of US $ 46.8 million in the fourth quarter of 2020.
Kevin J, CEO of Argo. Rehnberg commented:
“This positive momentum is underpinned by our cost focus and we are in a position to take advantage of market opportunities and implement our targeted growth strategies.”
The CEO also cited the group’s improved underlying composite ratio of 93.4%. This is described as the strongest result of Argo since 2016.
Meanwhile, total losses from the catastrophe in the first quarter were $ 47.5 million.
“Although the first quarter included an increase in catastrophic losses, asset exposure reductions are on track,” Rehnberg added. “We expect most of our targeted actions to be completed prior to the US wind season, which will reduce our exposure to future events.”
Argo Group declares first quarter number
Source link Argo Group declares first quarter number