18 April 2017Insurance

Argo Group warns on $16.5m one-off Q1 hit

Bermuda-based Argo Group International Holdings said that it expects its 2017 first-quarter results to be impacted by non-recurring charges totalling $16.5 million.

The charges include $2.5 million of transaction costs related to the recent acquisition of Ariel Re, restructuring and start-up costs of $4 million associated with the transition of certain infrastructure and application information technology functions to third party managed service providers as part of ongoing operating efficiency initiatives, additional late reported claims from Hurricane Matthew of $5 million; and an estimated impact of $5 million to incorporate the recent change in the UK Ogden discount rate.

Argo will report first quarter 2017 financial results after the close of US financial markets on May 3, 2017.

Today’s top stories

Pioneer appoints vice president for special risk division

Pro Global hires from Crawford to boost German business

Brown & Brown Q1 net income up 12.9% on legal settlement

Markel poaches senior marine exec from Munich Re Syndicate

Concord Specialty Risk hires exec for R&W insurance practice

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
14 November 2016   The acquisition of Ariel Re adds the scale Argo needs to cope with the costs of operating within the Lloyd’s market, the company has revealed, stressing that the deal also makes it one of the top 12 underwriters at Lloyd’s.