|
Bermuda
|
001-15259
|
98-0214719
|
||
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(I.R.S. Employer
Identification No.) |
90 Pitts Bay Road
Pembroke HM 08 Bermuda |
P.O. Box HM 1282
Hamilton HM FX Bermuda |
(Address, Including Zip Code,
of Principal Executive Offices) |
(Mailing Address)
|
Title of each class |
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
Common Stock, par value of $1.00 per share |
ARGO |
New York Stock Exchange |
||
Guarantee of Argo Group U.S., Inc. 6.500% Senior Notes due 2042 |
ARGD |
New York Stock Exchange |
||
Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00% Resettable Fixed Rate Preference Share, Series A, Par Value $1.00 Per Share |
ARGOPrA |
New York Stock Exchange |
|
Item 2.02.
|
Results of Operations and Financial Condition.
|
Item 5.02.
|
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
|
No.
|
|
Exhibit
|
|
||
104
|
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
Dated: February 22, 2022
|
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
|
|
By:
|
/s/ Scott Kirk
|
|
Name: Scott Kirk
|
||
Title: Chief Financial Officer
|
•
|
Continued Strategic Growth: Net earned premium increased 4.2% in the fourth quarter of 2021; Strong net earned premium growth in our ongoing business1 of approximately 19.8%, supported by favorable market conditions
|
•
|
Expense Ratio Improvement: Expense ratio of 35.3% for the fourth quarter of 2021 improved 2.9 points from the fourth quarter of 2020 and full year 2021 expense ratio of 36.8% improved 0.7 points compared to the same period in 2020
|
•
|
Reduced Catastrophe Losses: Total catastrophe losses of $6.8 million
for the fourth quarter of 2021, down from $51.0 million in the fourth quarter of 2020 and full year 2021 catastrophe losses of $92.7 million, down from $179.2 million in 2020
|
•
|
Improved Results in International Operations: Combined ratio improved 40.9 points to 76.5% for the fourth quarter of 2021 from the fourth quarter of 2020 and full year 2021 combined ratio of 97.2% improved 19.9 points compared to the same period
in 2020
|
$ in millions
|
Three Months Ended
December 31,
|
Q/Q
|
|
Year Ended
December 31,
|
Y/Y
|
|
|||||||||||||||||
Consolidated
|
2021
|
2020
|
Change
|
2021
|
2020
|
Change
|
|||||||||||||||||
Gross written premiums
|
$
|
733.8
|
$
|
717.6
|
2.3
|
%
|
$
|
3,181.2
|
$
|
3,233.3
|
-1.6
|
%
|
|||||||||||
Net written premiums
|
479.0
|
439.6
|
9.0
|
%
|
1,977.3
|
1,810.1
|
9.2
|
%
|
|||||||||||||||
Earned premiums
|
486.2
|
466.6
|
4.2
|
%
|
1,910.1
|
1,780.5
|
7.3
|
%
|
|||||||||||||||
Underwriting income (loss)
|
$
|
(109.0
|
)
|
$
|
(37.1
|
)
|
NM
|
$
|
(106.8
|
)
|
$
|
(96.0
|
)
|
NM
|
|||||||||
Net investment income
|
44.4
|
33.7
|
31.8
|
%
|
187.6
|
112.7
|
66.5
|
%
|
|||||||||||||||
Net income (loss) attributable to common shareholders
|
$
|
(118.8
|
)
|
$
|
(3.5
|
)
|
NM
|
$
|
(4.7
|
)
|
$
|
(58.7
|
)
|
NM
|
|||||||||
Operating income (loss)
|
$
|
(61.8
|
)
|
$
|
(8.9
|
)
|
NM
|
$
|
41.5
|
$
|
(10.0
|
)
|
NM
|
||||||||||
Loss ratio
|
87.1
|
%
|
69.8
|
%
|
17.3 pts
|
68.8
|
%
|
67.9
|
%
|
0.9 pts
|
|||||||||||||
Acquisition expense ratio
|
15.1
|
%
|
17.4
|
%
|
-2.3 pts
|
16.6
|
%
|
16.8
|
%
|
-0.2 pts
|
|||||||||||||
General and administrative expense ratio*
|
20.2
|
%
|
20.8
|
%
|
-0.6 pts
|
20.2
|
%
|
20.7
|
%
|
-0.5 pts
|
|||||||||||||
Expense ratio*
|
35.3
|
%
|
38.2
|
%
|
-2.9 pts
|
36.8
|
%
|
37.5
|
%
|
-0.7 pts
|
|||||||||||||
Combined ratio
|
122.4
|
%
|
108.0
|
%
|
14.4 pts
|
105.6
|
%
|
105.4
|
%
|
0.2 pts
|
|||||||||||||
CAY ex-CAT loss ratio**
|
58.5
|
%
|
58.6
|
%
|
-0.1 pts
|
56.8
|
%
|
57.4
|
%
|
-0.6 pts
|
•
|
Gross written premium increased 2.3% to $733.8 million during the fourth quarter of 2021, compared to the fourth quarter of 2020. Gross written premium
in our ongoing business grew approximately 11.3% during the fourth quarter of 2021 compared to
the fourth quarter of 2020.
|
•
|
The combined ratio was 122.4% during the fourth quarter of 2021, compared to 108.0% in the fourth quarter of 2020. The increased combined ratio was
driven by adverse prior year reserve development, partially offset by lower catastrophe ("CAT") losses and an improved expense ratio.
|
•
|
Total catastrophe losses in the fourth quarter of 2021 were $6.8 million or 1.4 points on the loss ratio. Catastrophe losses in the fourth quarter of
2020 were $51.0 million or 10.9 points on the loss ratio.
|
•
|
Net adverse prior year reserve development for the 2021 fourth quarter was $132.3 million, or 27.2 points on the loss ratio. Net adverse prior year reserve development was $1.6 million in the fourth quarter of 2020. Net adverse prior year reserve development in both the U.S. Operations and Run-off Lines was
partially offset by favorable prior year reserve releases in International Operations.
|
•
|
The Current Accident Year ("CAY") ex-CAT loss ratio was 58.5% in the fourth quarter of 2021 compared to 58.6% in the prior year fourth quarter.
|
•
|
The expense ratio in the fourth quarter of 2021 was 35.3% and improved 2.9 points from the 2020 fourth quarter. The acquisition expense ratio of 15.1%
and general and administrative expense ratio of 20.2% both improved compared to the prior year fourth quarter.
|
•
|
The CAY ex-CAT combined ratio was 93.8% in the fourth quarter of 2021, compared to 96.8% in the prior year fourth quarter.
|
•
|
Net investment income was $44.4 million in the 2021 fourth quarter compared to $33.7 million in the prior year fourth quarter. Investment income from
alternative investments was $20.7 million in the fourth quarter of 2021. Results for the prior year fourth quarter included gains from alternative investments of $10.1 million.
|
•
|
The 2021 fourth quarter included $0.7 million of pre-tax net realized investment gains, while the prior year fourth quarter included $20.4 million of
pre-tax net realized investment gains. The fourth quarter of 2021 included $22.8 million of non-operating expenses compared to $11.3 million in the prior year quarter with the increase due to costs associated with the reduction in
the Company's real estate footprint in the UK and the impairment of certain information technology assets. The 2021 fourth quarter included an impairment of goodwill and intangible assets of $43.2 million related to Argo's Syndicate
1200 business unit.
|
•
|
Net loss attributable to common shareholders was $118.8 million or $3.41 per diluted share for the fourth quarter of 2021 compared to a net loss
attributable to common shareholders of $3.5 million or $0.10 per diluted share for the 2020 fourth quarter. Annualized return on average common shareholders' equity was (28.5%) in the fourth quarter of 2021 compared to (0.8%) in the
prior year fourth quarter.
|
•
|
Operating loss was $61.8 million or $1.77 per diluted share in the fourth quarter of 2021, compared to an operating loss of $8.9 million or $0.26 per
diluted share in the prior year fourth quarter. Annualized operating return on average common shareholders' equity was (14.8%) in the fourth quarter of 2021 compared to (2.1%) in the prior year fourth quarter.
|
•
|
Gross written premium decreased 1.6% to $3.2 billion in 2021, when compared to 2020. The
decrease in gross written premium is primarily attributable to businesses the Company has exited, plans to exit or has sold. In the ongoing business, premiums
grew approximately 15.4% during 2021 when compared to 2020.
|
•
|
Total catastrophe losses in 2021 were $92.7 million or 4.8 points on the loss ratio. Natural catastrophes accounted for $80.3 million of losses with
$12.4 million of losses relating to the COVID-19 pandemic. Catastrophe losses in 2020 were $179.2 million or 10.1 points on the loss ratio and included $73.2 million related to the COVID-19 pandemic.
|
•
|
The CAY ex-CAT combined ratio was 93.6% in 2021, an improvement of 1.3 points when compared to the prior year. The improvement in the CAY ex-CAT
combined ratio was driven by both an improved expense ratio as well as an improved CAY ex-CAT loss ratio.
|
•
|
Results for the full year 2021 included $33.2 million of pre-tax net realized investment gains, while the prior year included $3.6 million of pre-tax
net realized investment losses. The 2021 full year results included $43.7 million of non-operating expenses compared to $21.1 million in the prior year with the increase due to costs associated with the reduction in the Company's
real estate footprint and the impairment of certain information technology assets. The 2021 full year also included an impairment of goodwill and intangible assets of $43.2 million related to Argo's Syndicate 1200 business unit.
|
•
|
Net loss attributable to common shareholders in 2021 was $4.7 million, or $0.13 per diluted share, compared to a net loss attributable to common
shareholders of $58.7 million, or $1.70 per diluted share, in the prior year. Annualized return on average common shareholders' equity was (0.3%) in 2021 compared to (3.4%) in 2020.
|
•
|
Operating income was $41.5 million or $1.19 per diluted share in 2021, compared to an operating loss of $10.0 million or $0.29 per diluted share in the
prior year. Annualized operating return on average common shareholders' equity was 2.5% in 2021 compared to (0.6%) in the prior year.
|
$ in millions
|
Three Months Ended
December 31,
|
Q/
|
|
Year Ended
December 31,
|
Y/Y
|
|
|||||||||||||||||
U.S. Operations
|
2021
|
2020
|
Change
|
2021
|
2020
|
Change
|
|||||||||||||||||
Gross written premiums
|
$
|
504.5
|
$
|
495.7
|
1.8
|
%
|
$
|
2,069.4
|
$
|
1,994.8
|
3.7
|
%
|
|||||||||||
Net written premiums
|
319.6
|
300.8
|
6.3
|
%
|
1,304.8
|
1,223.0
|
6.7
|
%
|
|||||||||||||||
Earned premiums
|
331.3
|
304.8
|
8.7
|
%
|
1,283.7
|
1,207.6
|
6.3
|
%
|
|||||||||||||||
Losses and loss adjustment expenses
|
325.1
|
202.4
|
60.6
|
%
|
908.2
|
768.7
|
18.1
|
%
|
|||||||||||||||
Acquisition expenses
|
48.1
|
45.2
|
6.4
|
%
|
197.7
|
176.0
|
12.3
|
%
|
|||||||||||||||
General and administrative expenses
|
53.0
|
54.9
|
-3.5
|
%
|
221.6
|
213.7
|
3.7
|
%
|
|||||||||||||||
Underwriting income (loss)
|
$
|
(94.9
|
)
|
$
|
2.3
|
NM
|
$
|
(43.8
|
)
|
$
|
49.2
|
NM
|
|||||||||||
Loss ratio
|
98.1
|
%
|
66.4
|
%
|
31.7 pts
|
70.7
|
%
|
63.7
|
%
|
7 pts
|
|||||||||||||
Acquisition expense ratio
|
14.5
|
%
|
14.8
|
%
|
-0.3 pts
|
15.4
|
%
|
14.6
|
%
|
0.8 pts
|
|||||||||||||
General and administrative expense ratio*
|
16.0
|
%
|
18.0
|
%
|
-2.0 pts
|
17.3
|
%
|
17.6
|
%
|
-0.3 pts
|
|||||||||||||
Expense ratio*
|
30.5
|
%
|
32.8
|
%
|
-2.3 pts
|
32.7
|
%
|
32.2
|
%
|
0.5 pts
|
|||||||||||||
Combined ratio
|
128.6
|
%
|
99.2
|
%
|
29.4 pts
|
103.4
|
%
|
95.9
|
%
|
7.5 pts
|
|||||||||||||
CAY ex-CAT loss ratio**
|
60.4
|
%
|
60.8
|
%
|
-0.4 pts
|
58.5
|
%
|
58.9
|
%
|
-0.4 pts
|
•
|
In the U.S. Operations, gross written premium increased 1.8% compared to the fourth quarter of 2020. Gross written premium in the U.S. ongoing business1 grew approximately 12.0% during the fourth quarter of 2021 compared to the fourth quarter of 2020. Rates on average were up in the mid-single digits in the fourth quarter of
2021.
|
•
|
The loss ratio for the fourth quarter of 2021 was 98.1% compared to 66.4% in the prior year fourth quarter. The increase in the loss ratio was
primarily driven by adverse prior year development.
|
•
|
Net unfavorable prior-year reserve development in the fourth quarter of 2021 was $121.6 million or 36.7 points on the loss ratio compared to $2.9
million of unfavorable development or 1.0 point on the loss ratio in the prior year fourth quarter.
|
•
|
Catastrophe losses were $3.2 million, or 1.0 point on the loss ratio, in the fourth quarter of 2021 compared to $13.9 million or 4.6 points on the loss
ratio in the prior year fourth quarter.
|
•
|
The CAY ex-CAT loss ratio was 60.4% in the fourth quarter of 2021 compared to 60.8% in the prior year fourth quarter.
|
•
|
The acquisition expense ratio for the fourth quarter of 2021 was 14.5%, an improvement of 0.3 points compared to the 2020 fourth quarter.
|
•
|
The general and administrative expense ratio was 16.0% in the fourth quarter of 2021, an improvement of 2.0 points from the prior year fourth
quarter.
|
$ in millions
|
Three Months Ended
December 31,
|
Q/Q
|
|
Year Ended
December 31,
|
Y/Y
|
|
|||||||||||||||||
International Operations
|
2021
|
2020
|
Change
|
2021
|
2020
|
Change
|
|||||||||||||||||
Gross written premiums
|
$
|
229.1
|
$
|
221.8
|
3.3
|
%
|
$
|
1,111.0
|
$
|
1,238.0
|
-10.3
|
%
|
|||||||||||
Net written premiums
|
159.2
|
138.7
|
14.8
|
%
|
671.7
|
586.6
|
14.5
|
%
|
|||||||||||||||
Earned premiums
|
154.7
|
161.7
|
-4.3
|
%
|
625.8
|
572.5
|
9.3
|
%
|
|||||||||||||||
Losses and loss adjustment expenses
|
60.9
|
123.0
|
-50.5
|
%
|
362.1
|
428.6
|
-15.5
|
%
|
|||||||||||||||
Acquisition expenses
|
25.1
|
35.3
|
-28.9
|
%
|
119.6
|
121.7
|
-1.7
|
%
|
|||||||||||||||
General and administrative expenses
|
32.4
|
31.5
|
2.9
|
%
|
126.7
|
119.9
|
5.7
|
%
|
|||||||||||||||
Underwriting income (loss)
|
$
|
36.3
|
$
|
(28.1
|
)
|
NM
|
$
|
17.4
|
$
|
(97.7
|
)
|
NM
|
|||||||||||
Loss ratio
|
39.4
|
%
|
76.1
|
%
|
-36.7 pts
|
57.9
|
%
|
74.9
|
%
|
-17 pts
|
|||||||||||||
Acquisition expense ratio
|
16.2
|
%
|
21.8
|
%
|
-5.6 pts
|
19.1
|
%
|
21.3
|
%
|
-2.2 pts
|
|||||||||||||
General and administrative expense ratio*
|
20.9
|
%
|
19.5
|
%
|
1.4 pts
|
20.2
|
%
|
20.9
|
%
|
-0.7 pts
|
|||||||||||||
Expense Ratio*
|
37.1
|
%
|
41.3
|
%
|
-4.2 pts
|
39.3
|
%
|
42.2
|
%
|
-2.9 pts
|
|||||||||||||
Combined ratio
|
76.5
|
%
|
117.4
|
%
|
-40.9 pts
|
97.2
|
%
|
117.1
|
%
|
-19.9 pts
|
|||||||||||||
CAY ex-CAT loss ratio**
|
54.5
|
%
|
54.2
|
%
|
0.3 pts
|
53.1
|
%
|
54.5
|
%
|
-1.4 pts
|
•
|
International Operations gross written premium increased 3.3% in the fourth quarter of 2021 compared to the fourth quarter of 2020. Gross written
premium in the International ongoing business1 increased approximately 9.6% in the fourth quarter of 2021 compared to the fourth quarter of 2020, primarily due to the
increased share of Syndicate 1200's capacity. Rates on average were up in the high-single digits in the fourth quarter of 2021.
|
•
|
Net written premium increased in the fourth quarter of 2021 by 14.8%, compared to the fourth quarter of 2020 with the increase attributable to
Syndicate 1200.
|
•
|
The loss ratio for the fourth quarter of 2021 was 39.4% compared to 76.1% in the prior year fourth quarter. The improvement in the loss ratio is
primarily the result of favorable prior year reserve releases and a reduction in catastrophe losses compared to the fourth quarter of 2020.
|
•
|
Net favorable prior year reserve releases in the fourth quarter of 2021 was $27.0 million or 17.5 points on the loss ratio, compared to $1.7 million,
or 1.1 points on the loss ratio, in prior year fourth quarter.
|
•
|
Catastrophe losses were $3.6 million, or 2.4 points on the loss ratio in the fourth quarter of 2021, primarily attributed to natural catastrophes, and
to a lesser extent, losses related to COVID-19. The fourth quarter of 2020 included $37.1 million, or 23.0 points on the loss ratio.
|
•
|
The CAY ex-CAT loss ratio was 54.5% in the fourth quarter of 2021 compared to 54.2% in the prior year fourth quarter.
|
•
|
The acquisition ratio decreased 5.6 points to 16.2% during the fourth quarter of 2021 and is attributable largely to changes in business mix, actions
to remove certain high-cost coverholders, and an increase in ceding commissions.
|
•
|
The general and administrative expense ratio of 20.9% increased 1.4 points in the fourth quarter of 2021 when compared to the prior year fourth
quarter.
|
•
|
Book value per common share was $45.60 as of December 31, 2021, compared to $50.01 on September 30, 2021. Including dividends paid, book value per
common share decreased $4.10 from September 30, 2021 due mainly to the net loss in the 2021 fourth quarter and net unrealized losses on fixed maturity securities. Book value per common share as of December 31, 2020 was $49.40.
Including dividends paid, book value per common share decreased $2.56 from December 31, 2020 primarily driven by movements in other comprehensive income associated with unrealized losses on available-for-sale investment securities
due to rising interest rates.
|
|
December 31,
|
December 31,
|
|||||
|
2021
|
2020
|
|||||
|
(unaudited)
|
||||||
Assets
|
|||||||
Total investments
|
$
|
5,322.6
|
$
|
5,255.8
|
|||
Cash
|
146.1
|
148.8
|
|||||
Accrued investment income
|
20.9
|
21.8
|
|||||
Receivables
|
3,615.0
|
3,688.8
|
|||||
Goodwill and intangible assets
|
164.5
|
207.8
|
|||||
Deferred acquisition costs, net
|
168.0
|
163.6
|
|||||
Ceded unearned premiums
|
506.7
|
575.1
|
|||||
Other assets
|
372.6
|
404.1
|
|||||
Total assets
|
$
|
10,316.4
|
$
|
10,465.8
|
|||
Liabilities and Shareholders' Equity
|
|||||||
Reserves for losses and loss adjustment expenses
|
$
|
5,595.0
|
$
|
5,406.0
|
|||
Unearned premiums
|
1,466.8
|
1,464.8
|
|||||
Ceded reinsurance payable, net
|
724.4
|
950.4
|
|||||
Senior unsecured fixed rate notes
|
140.3
|
140.2
|
|||||
Other indebtedness
|
57.0
|
60.7
|
|||||
Junior subordinated debentures
|
258.2
|
257.8
|
|||||
Other liabilities
|
340.3
|
328.1
|
|||||
Total liabilities
|
8,582.0
|
8,608.0
|
|||||
Preferred shares
|
144.0
|
144.0
|
|||||
Common shareholders’ equity
|
1,590.4
|
1,713.8
|
|||||
Total shareholders' equity
|
1,734.4
|
1,857.8
|
|||||
Total liabilities and shareholders' equity
|
$
|
10,316.4
|
$
|
10,465.8
|
|||
Book value per common share
|
$
|
45.60
|
$
|
49.40
|
|
Three Months Ended
|
Year Ended
|
|||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||
Gross written premiums
|
$
|
733.8
|
$
|
717.6
|
$
|
3,181.2
|
$
|
3,233.3
|
|||||||
Net written premiums
|
479.0
|
439.6
|
1,977.3
|
1,810.1
|
|||||||||||
Earned premiums
|
486.2
|
466.6
|
1,910.1
|
1,780.5
|
|||||||||||
Net investment income
|
44.4
|
33.7
|
187.6
|
112.7
|
|||||||||||
Net realized investment gains (losses):
|
|||||||||||||||
Net realized investment gains (losses)
|
69.2
|
(6.7
|
)
|
72.4
|
26.0
|
||||||||||
Change in fair value recognized
|
(70.6
|
)
|
24.0
|
(39.8
|
)
|
10.3
|
|||||||||
Change in allowance for credit losses on fixed maturity securities
|
2.1
|
3.1
|
0.6
|
(39.9
|
)
|
||||||||||
Net realized investment gains (losses)
|
0.7
|
20.4
|
33.2
|
(3.6
|
)
|
||||||||||
Total revenue
|
531.3
|
520.7
|
2,130.9
|
1,889.6
|
|||||||||||
Losses and loss adjustment expenses
|
423.7
|
325.8
|
1,314.6
|
1,208.8
|
|||||||||||
Acquisition expenses
|
73.5
|
81.2
|
317.8
|
298.4
|
|||||||||||
General and administrative expenses
|
98.0
|
96.7
|
384.5
|
369.3
|
|||||||||||
Non-operating expenses
|
22.8
|
11.3
|
43.7
|
21.1
|
|||||||||||
Interest expense
|
5.3
|
5.2
|
21.6
|
26.9
|
|||||||||||
Fee and other (income) expense, net
|
(0.2
|
)
|
(1.2
|
)
|
(2.0
|
)
|
(3.9
|
)
|
|||||||
Foreign currency exchange (gains) losses
|
(2.8
|
)
|
1.8
|
1.6
|
15.4
|
||||||||||
Impairment of goodwill and intangibles
|
43.2
|
—
|
43.2
|
—
|
|||||||||||
Total expenses
|
663.5
|
520.8
|
2,125.0
|
1,936.0
|
|||||||||||
Income (loss) before income taxes
|
(132.2
|
)
|
(0.1
|
)
|
5.9
|
(46.4
|
)
|
||||||||
Income tax provision (benefit)
|
(16.0
|
)
|
0.8
|
0.1
|
7.7
|
||||||||||
Net income (loss)
|
$
|
(116.2
|
)
|
$
|
(0.9
|
)
|
$
|
5.8
|
$
|
(54.1
|
)
|
||||
Dividends on preferred shares
|
2.6
|
2.6
|
10.5
|
4.6
|
|||||||||||
Net income (loss) attributable to common shareholders
|
$
|
(118.8
|
)
|
$
|
(3.5
|
)
|
$
|
(4.7
|
)
|
$
|
(58.7
|
)
|
|||
Net income (loss) per common share (basic)
|
$
|
(3.41
|
)
|
$
|
(0.10
|
)
|
$
|
(0.13
|
)
|
$
|
(1.70
|
)
|
|||
Net income (loss) per common share (diluted)
|
$
|
(3.41
|
)
|
$
|
(0.10
|
)
|
$
|
(0.13
|
)
|
$
|
(1.70
|
)
|
|||
Weighted average common shares:
|
|||||||||||||||
Basic
|
34.9
|
34.7
|
34.8
|
34.6
|
|||||||||||
Diluted
|
34.9
|
34.7
|
34.8
|
34.6
|
|||||||||||
Loss ratio
|
87.1
|
%
|
69.8
|
%
|
68.8
|
%
|
67.9
|
%
|
|||||||
Acquisition expense ratio
|
15.1
|
%
|
17.4
|
%
|
16.6
|
%
|
16.8
|
%
|
|||||||
General and administrative expense ratio1
|
20.2
|
%
|
20.8
|
%
|
20.2
|
%
|
20.7
|
%
|
|||||||
Expense ratio1
|
35.3
|
%
|
38.2
|
%
|
36.8
|
%
|
37.5
|
%
|
|||||||
GAAP combined ratio
|
122.4
|
%
|
108.0
|
%
|
105.6
|
%
|
105.4
|
%
|
|||||||
CAY ex-CAT combined ratio2
|
93.8
|
%
|
96.8
|
%
|
93.6
|
%
|
94.9
|
%
|
|
Three Months Ended
|
Year ended
|
|||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||
U.S. Operations
|
|||||||||||||||
Gross written premiums
|
$
|
504.5
|
$
|
495.7
|
$
|
2,069.4
|
$
|
1,994.8
|
|||||||
Net written premiums
|
319.6
|
300.8
|
1,304.8
|
1,223.0
|
|||||||||||
Earned premiums
|
331.3
|
304.8
|
1,283.7
|
1,207.6
|
|||||||||||
Underwriting income (loss)
|
(94.9
|
)
|
2.3
|
(43.8
|
)
|
49.2
|
|||||||||
Net investment income
|
27.7
|
24.2
|
119.4
|
80.3
|
|||||||||||
Interest expense
|
(3.5
|
)
|
(3.1
|
)
|
(14.1
|
)
|
(16.2
|
)
|
|||||||
Fee income (expense), net
|
0.2
|
0.3
|
(0.4
|
)
|
(0.2
|
)
|
|||||||||
Operating income (loss) before taxes
|
$
|
(70.5
|
)
|
$
|
23.7
|
$
|
61.1
|
$
|
113.1
|
||||||
Loss ratio
|
98.1
|
%
|
66.4
|
%
|
70.7
|
%
|
63.7
|
%
|
|||||||
Acquisition expense ratio
|
14.5
|
%
|
14.8
|
%
|
15.4
|
%
|
14.6
|
%
|
|||||||
General and administrative expense ratio1
|
16.0
|
%
|
18.0
|
%
|
17.3
|
%
|
17.6
|
%
|
|||||||
Expense Ratio1
|
30.5
|
%
|
32.8
|
%
|
32.7
|
%
|
32.2
|
%
|
|||||||
GAAP combined ratio
|
128.6
|
%
|
99.2
|
%
|
103.4
|
%
|
95.9
|
%
|
|||||||
CAY ex-CAT combined ratio2
|
90.9
|
%
|
93.6
|
%
|
91.2
|
%
|
91.1
|
%
|
|||||||
International Operations
|
|||||||||||||||
Gross written premiums
|
$
|
229.1
|
$
|
221.8
|
$
|
1,111.0
|
$
|
1,238.0
|
|||||||
Net written premiums
|
159.2
|
138.7
|
671.7
|
586.6
|
|||||||||||
Earned premiums
|
154.7
|
161.7
|
625.8
|
572.5
|
|||||||||||
Underwriting income (loss)
|
36.3
|
(28.1
|
)
|
17.4
|
(97.7
|
)
|
|||||||||
Net investment income
|
12.4
|
7.7
|
50.6
|
26.7
|
|||||||||||
Interest expense
|
(1.4
|
)
|
(1.5
|
)
|
(5.6
|
)
|
(7.7
|
)
|
|||||||
Fee income (expense), net
|
0.2
|
0.9
|
1.7
|
3.4
|
|||||||||||
Operating income (loss) before taxes
|
$
|
47.5
|
$
|
(21.0
|
)
|
$
|
64.1
|
$
|
(75.3
|
)
|
|||||
Loss ratio
|
39.4
|
%
|
76.1
|
%
|
57.9
|
%
|
74.9
|
%
|
|||||||
Acquisition expense ratio
|
16.2
|
%
|
21.8
|
%
|
19.1
|
%
|
21.3
|
%
|
|||||||
General and administrative expense ratio3
|
20.9
|
%
|
19.5
|
%
|
20.2
|
%
|
20.9
|
%
|
|||||||
Expense Ratio3
|
37.1
|
%
|
41.3
|
%
|
39.3
|
%
|
42.2
|
%
|
|||||||
GAAP combined ratio
|
76.5
|
%
|
117.4
|
%
|
97.2
|
%
|
117.1
|
%
|
|||||||
CAY ex-CAT combined ratio4
|
91.6
|
%
|
95.5
|
%
|
92.4
|
%
|
96.7
|
%
|
|
Three Months Ended
|
Year Ended
|
|||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||
U.S. Operations
|
|||||||||||||||
Loss ratio
|
98.1
|
%
|
66.4
|
%
|
70.7
|
%
|
63.7
|
%
|
|||||||
Prior accident year loss reserve development
|
(36.7
|
)%
|
(1.0
|
)%
|
(9.4
|
)%
|
(0.2
|
)%
|
|||||||
Catastrophe losses
|
(1.0
|
)%
|
(4.6
|
)%
|
(2.8
|
)%
|
(4.6
|
)%
|
|||||||
CAY ex-CAT loss ratio
|
60.4
|
%
|
60.8
|
%
|
58.5
|
%
|
58.9
|
%
|
|||||||
International Operations
|
|||||||||||||||
Loss ratio
|
39.4
|
%
|
76.1
|
%
|
57.9
|
%
|
74.9
|
%
|
|||||||
Prior accident year loss reserve development
|
17.5
|
%
|
1.1
|
%
|
4.3
|
%
|
1.1
|
%
|
|||||||
Catastrophe losses
|
(2.4
|
)%
|
(23.0
|
)%
|
(9.1
|
)%
|
(21.5
|
)%
|
|||||||
CAY ex-CAT loss ratio
|
54.5
|
%
|
54.2
|
%
|
53.1
|
%
|
54.5
|
%
|
|||||||
Consolidated
|
|||||||||||||||
Loss ratio
|
87.1
|
%
|
69.8
|
%
|
68.8
|
%
|
67.9
|
%
|
|||||||
Prior accident year loss reserve development
|
(27.2
|
)%
|
(0.3
|
)%
|
(7.2
|
)%
|
(0.4
|
)%
|
|||||||
Catastrophe losses
|
(1.4
|
)%
|
(10.9
|
)%
|
(4.8
|
)%
|
(10.1
|
)%
|
|||||||
CAY ex-CAT loss ratio
|
58.5
|
%
|
58.6
|
%
|
56.8
|
%
|
57.4
|
%
|
|
Three Months Ended
|
Year Ended
|
||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net Prior-Year Reserve Development
|
||||||||||||||||
(Favorable)/Unfavorable
|
||||||||||||||||
U.S. Operations
|
$
|
121.6
|
$
|
2.9
|
$
|
120.9
|
$
|
2.4
|
||||||||
International Operations
|
(27.0
|
)
|
(1.7
|
)
|
(26.9
|
)
|
(6.2
|
)
|
||||||||
Run-off Lines
|
37.7
|
0.4
|
44.3
|
11.5
|
||||||||||||
Total net prior-year reserve development
|
$
|
132.3
|
$
|
1.6
|
$
|
138.3
|
$
|
7.7
|
|
Three Months Ended
|
Year Ended
|
||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Catastrophe & COVID-19 Losses
|
||||||||||||||||
Catastrophe losses
|
||||||||||||||||
U.S. Operations
|
$
|
3.2
|
$
|
13.9
|
$
|
36.1
|
$
|
49.7
|
||||||||
International Operations
|
3.2
|
24.4
|
44.2
|
56.3
|
||||||||||||
Total catastrophe losses
|
6.4
|
38.3
|
80.3
|
106.0
|
||||||||||||
COVID-19 losses
|
||||||||||||||||
U.S. Operations
|
—
|
—
|
—
|
6.5
|
||||||||||||
International Operations
|
0.4
|
12.7
|
12.4
|
66.7
|
||||||||||||
Total COVID-19 losses
|
0.4
|
12.7
|
12.4
|
73.2
|
||||||||||||
Catastrophe & COVID-19 losses
|
||||||||||||||||
U.S. Operations
|
3.2
|
13.9
|
36.1
|
56.2
|
||||||||||||
International Operations
|
3.6
|
37.1
|
56.6
|
123.0
|
||||||||||||
Total catastrophe & COVID-19 losses
|
$
|
6.8
|
$
|
51.0
|
$
|
92.7
|
$
|
179.2
|
|
Three Months Ended
|
Year Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Net income (loss)
|
$
|
(116.2
|
)
|
$
|
(0.9
|
)
|
$
|
5.8
|
$
|
(54.1
|
)
|
|||||
Add (deduct):
|
||||||||||||||||
Income tax provision (benefit)
|
(16.0
|
)
|
0.8
|
0.1
|
7.7
|
|||||||||||
Net investment income
|
(44.4
|
)
|
(33.7
|
)
|
(187.6
|
)
|
(112.7
|
)
|
||||||||
Net realized investment (gains) losses
|
(0.7
|
)
|
(20.4
|
)
|
(33.2
|
)
|
3.6
|
|||||||||
Interest expense
|
5.3
|
5.2
|
21.6
|
26.9
|
||||||||||||
Fee and other (income) expense, net
|
(0.2
|
)
|
(1.2
|
)
|
(2.0
|
)
|
(3.9
|
)
|
||||||||
Foreign currency exchange (gains) losses
|
(2.8
|
)
|
1.8
|
1.6
|
15.4
|
|||||||||||
Non-operating expenses
|
22.8
|
11.3
|
43.7
|
21.1
|
||||||||||||
Impairment of goodwill and intangibles
|
43.2
|
—
|
43.2
|
—
|
||||||||||||
Underwriting income (loss)
|
$
|
(109.0
|
)
|
$
|
(37.1
|
)
|
$
|
(106.8
|
)
|
$
|
(96.0
|
)
|
|
Three Months Ended
|
Year Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Net income (loss), as reported
|
$
|
(116.2
|
)
|
$
|
(0.9
|
)
|
$
|
5.8
|
$
|
(54.1
|
)
|
|||||
Income tax provision (benefit)
|
(16.0
|
)
|
0.8
|
0.1
|
7.7
|
|||||||||||
Net income (loss), before taxes
|
(132.2
|
)
|
(0.1
|
)
|
5.9
|
(46.4
|
)
|
|||||||||
Add (deduct):
|
||||||||||||||||
Net realized investment (gains) losses
|
(0.7
|
)
|
(20.4
|
)
|
(33.2
|
)
|
3.6
|
|||||||||
Foreign currency exchange (gains) losses
|
(2.8
|
)
|
1.8
|
1.6
|
15.4
|
|||||||||||
Non-operating expenses
|
22.8
|
11.3
|
43.7
|
21.1
|
||||||||||||
Impairment of goodwill and intangibles
|
43.2
|
—
|
43.2
|
—
|
||||||||||||
Operating income before taxes and preferred share dividends
|
(69.7
|
)
|
(7.4
|
)
|
61.2
|
(6.3
|
)
|
|||||||||
Income tax provision, at assumed rate (1)
|
(10.5
|
)
|
(1.1
|
)
|
9.2
|
(0.9
|
)
|
|||||||||
Preferred share dividends
|
2.6
|
2.6
|
10.5
|
4.6
|
||||||||||||
Operating income (loss)
|
$
|
(61.8
|
)
|
$
|
(8.9
|
)
|
$
|
41.5
|
$
|
(10.0
|
)
|
|||||
Operating income (loss) per common share (diluted)
|
$
|
(1.77
|
)
|
$
|
(0.26
|
)
|
$
|
1.19
|
$
|
(0.29
|
)
|
|||||
Weighted average common shares, diluted
|
34.9
|
34.7
|
34.8
|
34.6
|
|
Three Months Ended
|
Year Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Operating income (loss) before income taxes:
|
||||||||||||||||
U.S. Operations
|
$
|
(70.5
|
)
|
$
|
23.7
|
$
|
61.1
|
$
|
113.1
|
|||||||
International Operations
|
47.5
|
(21.0
|
)
|
64.1
|
(75.3
|
)
|
||||||||||
Run-off Lines
|
(37.0
|
)
|
0.7
|
(41.5
|
)
|
(9.6
|
)
|
|||||||||
Corporate and Other
|
(9.7
|
)
|
(10.8
|
)
|
(22.5
|
)
|
(34.5
|
)
|
||||||||
Total operating income (loss) before income taxes
|
(69.7
|
)
|
(7.4
|
)
|
61.2
|
(6.3
|
)
|
|||||||||
Net realized investment gains (losses)
|
0.7
|
20.4
|
33.2
|
(3.6
|
)
|
|||||||||||
Foreign currency exchange (losses) gains
|
2.8
|
(1.8
|
)
|
(1.6
|
)
|
(15.4
|
)
|
|||||||||
Non-operating expenses
|
(22.8
|
)
|
(11.3
|
)
|
(43.7
|
)
|
(21.1
|
)
|
||||||||
Impairment of goodwill and intangibles
|
(43.2
|
)
|
—
|
(43.2
|
)
|
—
|
||||||||||
Income (loss) before income taxes
|
(132.2
|
)
|
(0.1
|
)
|
5.9
|
(46.4
|
)
|
|||||||||
Income tax provision (benefit)
|
(16.0
|
)
|
0.8
|
0.1
|
7.7
|
|||||||||||
Net income (loss)
|
$
|
(116.2
|
)
|
$
|
(0.9
|
)
|
$
|
5.8
|
$
|
(54.1
|
)
|
U.S. Operations
|
Three months ended December 31, 2021
|
Three months ended December 31, 2020
|
||||||||||||||||||||||
Gross Written
|
Net
Written
|
Net
Earned
|
Gross Written
|
Net
Written
|
Net
Earned
|
|||||||||||||||||||
Property
|
$
|
49.8
|
$
|
30.9
|
$
|
33.4
|
$
|
62.5
|
$
|
35.5
|
$
|
38.2
|
||||||||||||
Liability
|
255.8
|
154.4
|
171.6
|
256.2
|
151.2
|
166.8
|
||||||||||||||||||
Professional
|
142.1
|
93.5
|
87.4
|
125.6
|
78.7
|
67.5
|
||||||||||||||||||
Specialty
|
56.8
|
40.8
|
38.9
|
51.4
|
35.4
|
32.3
|
||||||||||||||||||
Total
|
$
|
504.5
|
$
|
319.6
|
$
|
331.3
|
$
|
495.7
|
$
|
300.8
|
$
|
304.8
|
Year ended December 31, 2021
|
Year ended December 31, 2020
|
|||||||||||||||||||||||
Gross Written
|
Net
Written
|
Net
Earned
|
Gross Written
|
Net
Written
|
Net
Earned
|
|||||||||||||||||||
Property
|
$
|
253.0
|
$
|
139.5
|
$
|
149.9
|
$
|
300.0
|
$
|
160.0
|
$
|
155.5
|
||||||||||||
Liability
|
1,093.6
|
669.1
|
672.8
|
1,060.6
|
657.0
|
674.2
|
||||||||||||||||||
Professional
|
504.1
|
336.2
|
315.1
|
438.3
|
272.5
|
244.9
|
||||||||||||||||||
Specialty
|
218.7
|
160.0
|
145.9
|
195.9
|
133.5
|
133.0
|
||||||||||||||||||
Total
|
$
|
2,069.4
|
$
|
1,304.8
|
$
|
1,283.7
|
$
|
1,994.8
|
$
|
1,223.0
|
$
|
1,207.6
|
International Operations
|
Three months ended December 31, 2021
|
Three months ended December 31, 2020
|
||||||||||||||||||||||
Gross Written
|
Net
Written
|
Net
Earned
|
Gross Written
|
Net
Written
|
Net
Earned
|
|||||||||||||||||||
Property
|
$
|
47.3
|
$
|
27.0
|
$
|
28.2
|
$
|
48.6
|
$
|
30.2
|
$
|
42.0
|
||||||||||||
Liability
|
64.8
|
39.5
|
31.5
|
55.4
|
26.2
|
28.5
|
||||||||||||||||||
Professional
|
57.3
|
40.7
|
35.0
|
53.3
|
42.3
|
32.5
|
||||||||||||||||||
Specialty
|
59.7
|
52.0
|
60.0
|
64.5
|
40.0
|
58.7
|
||||||||||||||||||
Total
|
$
|
229.1
|
$
|
159.2
|
$
|
154.7
|
$
|
221.8
|
$
|
138.7
|
$
|
161.7
|
Year ended December 31, 2021
|
Year ended December 31, 2020
|
|||||||||||||||||||||||
Gross Written
|
Net
Written
|
Net
Earned
|
Gross Written
|
Net
Written
|
Net
Earned
|
|||||||||||||||||||
Property
|
$
|
295.1
|
$
|
120.5
|
$
|
132.4
|
$
|
465.1
|
$
|
159.1
|
$
|
157.6
|
||||||||||||
Liability
|
256.8
|
147.3
|
130.7
|
241.2
|
107.9
|
101.5
|
||||||||||||||||||
Professional
|
226.0
|
160.7
|
148.3
|
210.0
|
130.3
|
120.5
|
||||||||||||||||||
Specialty
|
333.1
|
243.2
|
214.4
|
321.7
|
189.3
|
192.9
|
||||||||||||||||||
Total
|
$
|
1,111.0
|
$
|
671.7
|
$
|
625.8
|
$
|
1,238.0
|
$
|
586.6
|
$
|
572.5
|
Consolidated
|
Three months ended December 31, 2021
|
Three months ended December 31, 2020
|
||||||||||||||||||||||
Gross Written
|
Net
Written
|
Net
Earned
|
Gross Written
|
Net
Written
|
Net
Earned
|
|||||||||||||||||||
Property
|
$
|
97.1
|
$
|
57.9
|
$
|
61.6
|
$
|
111.1
|
$
|
65.7
|
$
|
80.2
|
||||||||||||
Liability
|
320.9
|
194.0
|
203.3
|
311.7
|
177.5
|
195.4
|
||||||||||||||||||
Professional
|
199.4
|
134.2
|
122.4
|
178.9
|
121.0
|
100.0
|
||||||||||||||||||
Specialty
|
116.4
|
92.9
|
98.9
|
115.9
|
75.4
|
91.0
|
||||||||||||||||||
Total
|
$
|
733.8
|
$
|
479.0
|
$
|
486.2
|
$
|
717.6
|
$
|
439.6
|
$
|
466.6
|
Year ended December 31, 2021
|
Year ended December 31, 2020
|
|||||||||||||||||||||||
Gross Written
|
Net
Written
|
Net
Earned
|
Gross Written
|
Net
Written
|
Net
Earned
|
|||||||||||||||||||
Property
|
$
|
548.1
|
$
|
260.0
|
$
|
282.3
|
$
|
765.1
|
$
|
319.1
|
$
|
313.1
|
||||||||||||
Liability
|
1,351.3
|
817.1
|
804.1
|
1,302.3
|
765.4
|
776.1
|
||||||||||||||||||
Professional
|
730.1
|
496.9
|
463.4
|
648.3
|
402.8
|
365.4
|
||||||||||||||||||
Specialty
|
551.7
|
403.3
|
360.3
|
517.6
|
322.8
|
325.9
|
||||||||||||||||||
Total
|
$
|
3,181.2
|
$
|
1,977.3
|
$
|
1,910.1
|
$
|
3,233.3
|
$
|
1,810.1
|
$
|
1,780.5
|
|
Three Months Ended
|
Year Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Net Investment Income
|
||||||||||||||||
Net investment income, excluding alternative investments
|
$
|
23.7
|
$
|
23.6
|
$
|
92.1
|
$
|
104.1
|
||||||||
Alternative investments
|
20.7
|
10.1
|
95.5
|
8.6
|
||||||||||||
Total net investment income
|
$
|
44.4
|
$
|
33.7
|
$
|
187.6
|
$
|
112.7
|
|
Three Months Ended
|
Year Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Net Realized Investment Gains (Losses)
|
||||||||||||||||
Net realized investment (losses) gains
|
$
|
69.2
|
$
|
2.7
|
$
|
82.9
|
$
|
3.6
|
||||||||
Change in fair value recognized
|
(64.9
|
)
|
24.0
|
(34.1
|
)
|
10.3
|
||||||||||
Change in allowance for credit losses on fixed maturity securities
|
2.1
|
3.1
|
0.6
|
(39.9
|
)
|
|||||||||||
Loss on disposal of Reinsurance liabilities
|
—
|
(9.4
|
)
|
—
|
(9.4
|
)
|
||||||||||
Gain (loss) on sale of Trident assets
|
—
|
—
|
(10.5
|
)
|
31.8
|
|||||||||||
Loss on sale of Argo Seguros Brazil
|
$
|
(5.7
|
)
|
$
|
—
|
$
|
(5.7
|
)
|
$
|
—
|
||||||
Total net realized investments gains (losses)
|
$
|
0.7
|
$
|
20.4
|
$
|
33.2
|
$
|
(3.6
|
)
|
|
December 31,
|
December 31,
|
||||||
|
2021
|
2020
|
||||||
U.S. Governments and government agencies
|
$
|
425.0
|
$
|
399.8
|
||||
States and political subdivisions
|
171.4
|
170.4
|
||||||
Foreign governments
|
232.8
|
294.8
|
||||||
Corporate – Financial
|
986.9
|
917.8
|
||||||
Corporate – Industrial
|
850.6
|
826.6
|
||||||
Corporate – Utilities
|
145.7
|
237.4
|
||||||
Asset-backed securities
|
173.6
|
122.8
|
||||||
Collateralized loan obligations
|
336.2
|
289.6
|
||||||
Mortgage-backed securities – Agency
|
457.2
|
453.4
|
||||||
Mortgage-backed securities – Commercial
|
418.7
|
339.7
|
||||||
Mortgage-backed securities – Residential
|
25.3
|
54.8
|
||||||
Total fixed maturities
|
4,223.4
|
4,107.1
|
||||||
Common stocks
|
55.6
|
175.1
|
||||||
Preferred stocks
|
0.7
|
1.6
|
||||||
Total equity securities available for sale
|
56.3
|
176.7
|
||||||
Private equity
|
248.9
|
211.4
|
||||||
Hedge fund
|
58.6
|
111.2
|
||||||
Overseas deposits
|
74.9
|
102.1
|
||||||
Other
|
4.8
|
4.7
|
||||||
Total other investments
|
387.2
|
429.4
|
||||||
Short term investments and cash equivalents
|
655.8
|
542.6
|
||||||
Cash
|
146.0
|
148.8
|
||||||
Total cash and invested assets
|
$
|
5,468.7
|
$
|
5,404.6
|
|
December 31,
|
December 31,
|
||||||
|
2021
|
2020
|
||||||
U.S. Governments and government agencies
|
$
|
882.2
|
$
|
853.2
|
||||
AAA
|
788.6
|
899.1
|
||||||
AA
|
390.9
|
382.0
|
||||||
A
|
894.2
|
869.9
|
||||||
BBB
|
820.5
|
739.4
|
||||||
BB
|
174.2
|
209.5
|
||||||
B
|
71.3
|
77.9
|
||||||
Lower than B
|
22.5
|
24.8
|
||||||
Not rated
|
179.0
|
51.3
|
||||||
Total fixed maturities
|
$
|
4,223.4
|
$
|
4,107.1
|
|
Three Months Ended
|
Year Ended
|
||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Net income (loss) attributable to common shareholders
|
$
|
(118.8
|
)
|
$
|
(3.5
|
)
|
$
|
(4.7
|
)
|
$
|
(58.7
|
)
|
||||
Operating income (loss) (1)
|
(61.8
|
)
|
(8.9
|
)
|
41.5
|
(10.0
|
)
|
|||||||||
Common Shareholders' Equity - Beginning of period
|
$
|
1,743.6
|
$
|
1,704.7
|
$
|
1,713.8
|
$
|
1,763.7
|
||||||||
Common Shareholders' Equity - End of period
|
1,590.4
|
1,713.8
|
1,590.4
|
1,713.8
|
||||||||||||
Average Common Shareholders' Equity
|
$
|
1,667.0
|
$
|
1,709.3
|
$
|
1,652.1
|
$
|
1,738.8
|
||||||||
Common shares outstanding - End of period
|
34.877
|
34.694
|
34.877
|
34.694
|
||||||||||||
Book value per common share
|
$
|
45.60
|
$
|
49.40
|
$
|
45.60
|
$
|
49.40
|
||||||||
Cash dividends paid per common share during 2021
|
0.31
|
1.24
|
||||||||||||||
Book value per common share, December 31, 2021 - including cash dividends paid
|
$
|
45.91
|
$
|
46.84
|
||||||||||||
Book value per common share, prior period (2)
|
$
|
50.01
|
$
|
49.40
|
||||||||||||
Change in book value per common share during 2021
|
(8.8
|
)%
|
(7.7
|
)%
|
||||||||||||
Change in book value per common share including cash dividends paid, during 2021 (2)
|
(8.2
|
)%
|
(5.2
|
)%
|
||||||||||||
Annualized return on average common shareholders' equity
|
(28.5
|
)%
|
(0.8
|
)%
|
(0.3
|
)%
|
(3.4
|
)%
|
||||||||
Annualized operating return on average common shareholders' equity
|
(14.8
|
)%
|
(2.1
|
)%
|
2.5
|
%
|
(0.6
|
) %
|
Gregory Charpentier
|
David Snowden
|
AVP, Investor Relations and Corporate Finance
|
Senior Vice President, Communications
|
978.387.4150
|
210.321.2104
|
gregory.charpentier@argogroupus.com
|
david.snowden@argogroupus.com
|