10-Q 1 argo-20230630.htm 10-Q argo-20230630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2023
or
☐
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from              to             
Commission file number: 1-15259
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)
 
Bermuda 98-0214719
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification Number)
90 Pitts Bay Road P.O. Box HM 1282
PembrokeHM08HamiltonHM FX
BermudaBermuda
(Address of principal executive offices) (Mailing address)
(Registrant’s telephone number, including area code): (441) 296-5858
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value of $1.00 Per ShareARGONew York Stock Exchange
6.500% Senior Notes Due 2042 issued by Argo Group U.S., Inc. and The Guarantee With Respect Thereto ARGDNew York Stock Exchange
Depositary Shares, Each Representing a 1/1000th Interest in 7.00% Resettable Fixed Rate Preference Share, Series A, Par Value $1.00 Per Share
ARGOPrANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐
Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark whether the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
Indicate the number of shares outstanding (net of treasury shares) of each of the issuer’s classes of common shares as of August 3, 2023.
As of August 3, 2023, the registrant had 35,198,299 shares of common stock outstanding (net of treasury shares).


ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
INDEX
 
  Page
Item 1.
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 

2
PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except number of shares and per share amounts)
 
June 30,
2023		December 31,
2022
 (Unaudited) 
Assets 
Investments:  
Fixed maturities available-for-sale, at fair value (amortized cost: 2023 - $2,904.7, 2022 - $3,016.4; allowance for expected credit losses: 2023 - $2.5, 2022 - $2.8)
$2,590.2 $2,675.5 
Commercial mortgage loans (cost: 2023 - $159.9, 2022 - $159.9; allowance for expected credit losses: 2023 - $0.2, 2022 - $0.2)
159.7 159.7 
Equity securities, at fair value (cost: 2023 - $41.8; 2022 - $54.7)
43.2 43.9 
Other investments (cost: 2023 - $326.6; 2022 - $323.2)
326.6 323.2 
Short-term investments, at fair value (amortized cost: 2023 - $841.0; 2022 - $449.4)
841.0 449.6 
Total investments3,960.7 3,651.9 
Cash and restricted cash29.3 50.2 
Accrued investment income19.0 18.6 
Premiums receivable311.9 292.0 
Reinsurance recoverables2,908.2 3,029.1 
Goodwill 118.6 118.6 
Current income taxes receivable, net45.1 44.9 
Deferred tax asset, net100.9 101.2 
Deferred acquisition costs, net103.9 107.0 
Ceded unearned premiums358.3 375.5 
Operating lease right-of-use assets52.9 57.7 
Other assets178.3 121.5 
Assets held-for-sale— 2,066.2 
Total assets$8,187.1 $10,034.4 
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses$5,204.7 $5,051.6 
Unearned premiums1,003.2 1,039.9 
Accrued underwriting expenses and other liabilities50.3 121.3 
Ceded reinsurance payable, net182.9 158.7 
Funds held51.0 50.0 
Senior unsecured fixed rate notes140.6 140.5 
Junior subordinated debentures258.8 258.6 
Operating lease liabilities60.8 66.4 
Liabilities held-for-sale— 1,914.5 
Total liabilities6,952.3 8,801.5 
Commitments and contingencies (Note 14)
Shareholders' equity:
Preferred shares and additional paid-in capital - $1.00 par, 30,000,000 shares authorized; 6,000 and 6,000 shares issued at June 30, 2023 and December 31, 2022, respectively; liquidation preference $25,000
144.0 144.0 
Common shares - $1.00 par, 500,000,000 shares authorized; 46,500,190 and 46,379,297 shares issued at June 30, 2023 and December 31, 2022, respectively
46.5 46.4 
Additional paid-in capital1,395.1 1,395.4 
Treasury shares (11,318,339 and 11,318,339 shares at June 30, 2023 and December 31, 2022, respectively)
(455.1)(455.1)
Retained earnings370.6 407.3 
Accumulated other comprehensive loss, net of taxes(266.3)(305.1)
Total shareholders' equity1,234.8 1,232.9 
Total liabilities and shareholders' equity$8,187.1 $10,034.4 
See accompanying notes.
3
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in millions, except number of shares and per share amounts)
(Unaudited)
 
 
 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2023202220232022
Premiums and other revenue:  
Earned premiums$329.9 $454.3 $719.8 $934.9 
Net investment income32.8 29.3 62.5 67.0 
Net investment and other gains (losses):
Net realized investment and other gains (losses)(4.4)(36.9)(28.4)(77.0)
Change in fair value recognized6.0 (3.0)12.2 3.7 
Change in allowance for credit losses on fixed maturity securities— (0.5)(0.1)(1.6)
Total net investment and other gains (losses)1.6 (40.4)(16.3)(74.9)
Total revenue364.3 443.2 766.0 927.0 
Expenses:
Losses and loss adjustment expenses241.4 276.0 526.0 559.6 
Underwriting, acquisition and insurance expenses110.9 161.0 247.9 333.9 
Non-operating expenses6.8 15.6 18.4 23.0 
Interest expense8.2 6.1 16.7 11.9 
Fee and other (income) expense, net(0.1)(1.1)(0.5)(1.9)
Foreign currency exchange (gains) losses0.7 (10.3)3.4 (7.4)
Total expenses367.9 447.3 811.9 919.1 
Income (loss) before income taxes(3.6)(4.1)(45.9)7.9 
Income tax provision (benefit)(5.8)12.1 (14.3)25.1 
Net income (loss)$2.2 $(16.2)$(31.6)$(17.2)
Dividends on preferred shares2.72.75.3 5.3 
Net income (loss) attributable to common shareholders$(0.5)$(18.9)$(36.9)$(22.5)
Net income (loss) attributable to common shareholders per common share:
Basic$(0.01)$(0.54)$(1.05)$(0.64)
Diluted$(0.01)$(0.54)$(1.05)$(0.64)
Dividend declared per common share$— $0.31 $— $0.62 
Weighted average common shares:
Basic35,176,248 34,964,773 35,138,385 34,928,555 
Diluted35,176,248 34,964,773 35,138,385 34,928,555 
 
See accompanying notes.
4
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(Unaudited)
 
 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2023202220232022
Net income (loss)$2.2 $(16.2)$(31.6)$(17.2)
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments0.1 (4.5)0.5 (0.4)
Reclassification adjustment for foreign currency translation included in net income— 4.5 — 31.8 
Defined benefit pension plans:
Net gain arising during the period— — 1.0 — 
Unrealized gains (losses) on fixed maturity securities:
Gains (losses) arising during the period(13.2)(150.4)20.0 (322.4)
Reclassification adjustment for losses (gains) included in net income (loss)3.7 — 25.9 (5.4)
Other comprehensive income (loss) before tax(9.4)(150.4)47.4 (296.4)
Income tax provision (benefit) related to other comprehensive income (loss):
Defined benefit pension plans:
Net gain arising during the period— — 0.2 — 
Unrealized gains (losses) on fixed maturity securities:
Gains (losses) arising during the period(2.2)(29.3)3.0 (62.1)
Reclassification adjustment for losses (gains) included in net income (loss)0.7 — 5.4 (1.0)
Income tax (benefit) provision related to other comprehensive income (loss)(1.5)(29.3)8.6 (63.1)
Other comprehensive income (loss), net of tax(7.9)(121.1)38.8 (233.3)
Comprehensive income (loss)$(5.7)$(137.3)$7.2 $(250.5)
 
See accompanying notes.

5
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in millions, except number of shares and per share amounts)
(Unaudited)
 

 Preferred Shares and Additional Paid-in CapitalCommon
Shares		Additional
Paid-In
Capital		Treasury
Shares		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Shareholders'
Equity
Balance, March 31, 2022$144.0 $46.3 $1,388.5 $(455.1)$622.0 $(134.9)$1,610.8 
Net loss— — — — (16.2)— (16.2)
Other comprehensive loss - Change in fair value of fixed maturities, net of taxes— — — — — (121.1)(121.1)
Other comprehensive income, net - Other— — — — — — — 
Activity under stock incentive plans
— — 0.2 — — — 0.2 
Retirement of common shares (tax payments on equity compensation)
— — (0.3)— — — (0.3)
Employee stock purchase plan
— — 0.5 — — — 0.5 
Dividends on preferred shares— — — — (2.7)— (2.7)
Cash dividend declared - common shares ($0.31/share)
— — — — (10.5)— (10.5)
Balance, June 30, 2022$144.0 $46.3 $1,388.9 $(455.1)$592.6 $(256.0)$1,460.7 
Balance, March 31, 2023$144.0 $46.5 $1,396.6 $(455.1)$370.9 $(258.4)$1,244.5 
Net income— — — — 2.2 — 2.2 
Other comprehensive loss - Change in fair value of fixed maturities, net of taxes— — — — — (8.0)(8.0)
Other comprehensive income, net - Other— — — — — 0.1 0.1 
Activity under stock incentive plans
— — (1.9)— — — (1.9)
Retirement of common shares (tax payments on equity compensation)
— — — — — — — 
Employee stock purchase plan
— — 0.4 — — — 0.4 
Dividends on preferred shares— — — — (2.7)— (2.7)
Cash dividend declared - common shares ($0.00/share)
— — — — 0.2 — 0.2 
Balance, June 30, 2023$144.0 $46.5 $1,395.1 $(455.1)$370.6 $(266.3)$1,234.8 

See accompanying notes.
6
Preferred Shares and Additional Paid-in CapitalCommon
Shares		Additional
Paid-In
Capital		Treasury
Shares		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Shareholders'
Equity
Balance, December 31, 2021$144.0 $46.2 $1,386.4 $(455.1)$636.4 $(22.7)$1,735.2 
Net loss— — — — (17.2)— (17.2)
Other comprehensive loss - Change in fair value of fixed maturities, net of taxes— — — — — (264.7)(264.7)
Other comprehensive income, net - Other— — — — — 31.4 31.4 
Activity under stock incentive plans
— 0.1 2.9 — — — 3.0 
Retirement of common shares (tax payments on equity compensation)
— — (1.3)— — — (1.3)
Employee stock purchase plan
— — 0.9 — — — 0.9 
Dividends on preferred shares— — — — (5.3)— (5.3)
Cash dividend declared - common shares ($0.62/share)
— — — — (21.3)— (21.3)
Balance, June 30, 2022$144.0 $46.3 $1,388.9 $(455.1)$592.6 $(256.0)$1,460.7 
Balance, December 31, 2022$144.0 $46.4 $1,395.4 $(455.1)$407.3 $(305.1)$1,232.9 
Net loss— — — — (31.6)— (31.6)
Other comprehensive income - change in fair value of fixed maturities, net of taxes— — — — — 37.5 37.5 
Other comprehensive income, net - other— — — — — 1.3 1.3 
Activity under stock incentive plans
— 0.1 (0.3)— — — (0.2)
Retirement of common shares (tax payments on equity compensation)
— — (0.8)— — — (0.8)
Employee stock purchase plan
— — 0.8 — — — 0.8 
Dividends on preferred shares— — — — (5.3)— (5.3)
Cash dividend declared - common shares ($0.00/share)
— — — — 0.2 — 0.2 
Balance, June 30, 2023$144.0 $46.5 $1,395.1 $(455.1)$370.6 $(266.3)$1,234.8 

See accompanying notes.
7
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
 For the Six Months Ended June 30,
 20232022
Cash flows provided by (used in) operating activities:  
Net loss$(31.6)$(17.2)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Amortization and depreciation8.1 11.0 
Share-based payments expense(0.6)2.6 
Deferred income tax benefit, net(11.8)8.8 
Net investment and other (gains) losses 16.3 74.9 
Undistributed earnings from alternative investment portfolio(3.0)(17.7)
Loss on disposals of long-lived assets, net— (0.6)
Foreign currency exchange (gains) losses3.4 (7.4)
Change in:
Accrued investment income(0.5)(1.3)
Receivables682.0 (160.5)
Deferred acquisition costs(6.2)(8.1)
Ceded unearned premiums(40.3)10.7 
Reserves for losses and loss adjustment expenses(347.0)195.5 
Unearned premiums5.0 (23.5)
Ceded reinsurance payable and funds held(53.3)(30.8)
Income taxes (0.9)8.6 
Accrued underwriting expenses and other liabilities(68.2)18.2 
Other, net(31.8)(31.3)
Cash provided by operating activities119.6 31.9 
Cash flows provided by (used in) investing activities:
Sales of fixed maturity investments18.2 576.4 
Maturities and mandatory calls of fixed maturity investments90.5 256.0 
Sales of equity securities10.6 12.9 
Sales of other investments8.4 32.4 
Purchases of fixed maturity investments(11.3)(864.4)
Purchases of equity securities— (1.0)
Purchases of other investments(10.5)(23.5)
Change in foreign regulatory deposits and voluntary pools— 1.5 
Purchase of mortgage loans— (157.5)
Change in short-term investments(371.5)188.0 
Settlements of foreign currency exchange forward contracts5.9 (19.1)
Proceeds from business divestitures, net of cash transferred54.3 13.1 
Purchases of fixed assets, net(1.6)(0.4)
Cash provided by (used in) investing activities(207.0)14.4 
Cash flows provided by (used in) financing activities:
Activity under stock incentive plans 0.8 1.3 
Payment of cash dividends to preferred shareholders(5.3)(5.3)
Payment of cash dividends to common shareholders0.2 (21.3)
Cash used in financing activities(4.3)(25.3)
Effect of exchange rate changes on cash— (2.0)
Net change in cash and restricted cash(91.7)19.0 
Net change in cash balances classified as held-for-sale70.8 — 
Cash and restricted cash, beginning of year50.2 146.1 
Cash and restricted cash, end of period$29.3 $165.1 
 See accompanying notes.
8
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.    Business and Significant Accounting Policies
The accompanying Condensed Consolidated Financial Statements of Argo Group International Holdings, Ltd. and its subsidiaries (“Argo Group,” “we,” “us,” “our” or the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Argo Group is an underwriter of specialty insurance products in the property and casualty market.
The preparation of interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The major estimates reflected in our Condensed Consolidated Financial Statements include, but are not limited to, reserves for losses and loss adjustment expenses; reinsurance recoverables, including the reinsurance recoverables allowance for expected credit losses; fair value of investments and assessment of potential impairment, including the allowance for credit losses on fixed maturity securities; valuation of goodwill and intangibles and our deferred tax asset valuation allowance. Actual results could materially differ from those estimates. Certain financial information that is normally included in annual Condensed Consolidated Financial Statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Condensed Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission ("SEC") (the “2022 Form 10-K”).
The interim financial information as of, and for the three and six months ended, June 30, 2023 and 2022 is unaudited. However, in the opinion of management, the interim information includes all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results presented for the interim periods. The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. All significant intercompany amounts have been eliminated in consolidation. Certain reclassifications have been made to financial information presented for prior years to conform to the current year’s presentation.
Loss Portfolio Transfer - U.S.
On November 9, 2022, the U.S. loss portfolio transaction with a wholly owned subsidiary Enstar Group Limited covering a majority of the Company’s U.S. casualty insurance reserves, including construction, for accident years 2011 to 2019 closed.
The financial statement impact of this transaction on the closing date, which was recorded in the fourth quarter of 2022, consisted mainly of ceded premiums for a total of $121.0 million and was reflected in Earned premiums in our Condensed Consolidated Statements of Income (Loss). In the second quarter of 2023, the reserves ceded under the U.S. loss portfolio transfer exceeded the consideration paid by $11.1 million, and the excess is reflected as a deferred gain liability included in Accrued underwriting expenses and other liabilities on the Condensed Consolidated Balance Sheets, net of amortization. The deferred gain is amortized to earnings using the recovery method over the estimated claims settlement period.
Any potential future loss development on the U.S. loss portfolio transfer increases the deferred gain if unfavorable, or decreases the deferred gain if favorable, and a cumulative amortization adjustment based on the change in estimate is recorded to earnings.
Sale of Argo Underwriting Agency Limited
On September 8, 2022, Argo International Holdings Limited (the “Seller”), a wholly-owned subsidiary of the Company, and Ohio Farmers Insurance Company (the “Buyer”), part of the Westfield group of insurance companies, entered into a sale and purchase agreement (the “Transaction”) under which the Seller agreed to sell, and the Buyer agreed to purchase, the entire issued share capital of Argo Underwriting Agency Limited (“AUA”), for which the financial results are reported in our International segment. This transaction simplifies our reporting structure and is intended to drive greater efficiencies.
The base cash consideration for the purchase was $125.0 million, which was adjusted to reflect the extent by which AUA’s net assets at completion are greater or lesser than AUA net assets as of March 31, 2022. In the third quarter of 2022, as a result of the sale, an impairment was recorded in the amount of $28.5 million, consisting of $17.3 million of indefinite lived intangible assets and $11.2 million of goodwill, representing the difference between the carrying value and implied fair value as determined by the
9
consideration to be received. In addition, the Buyer was obliged to replace certain funds provided by the Company to support the activities of AUA and certain of its subsidiaries at Lloyd’s of London, which would then be released to the Company.
As of December 31, 2022, the Company reported the assets and liabilities of this block of business as held-for-sale on Condensed Consolidated Balance Sheets with results continuing to be reported within the Condensed Consolidated Statements of Income (Loss) and the International Operations segment. The Company determined that the Transaction did not represent a strategic shift, and therefore, did not meet the requirements for discontinued operations.
On February 2, 2023, the Seller completed the sale of the entire issued share capital of AUA. At the closing, the Company received total consideration of $155.7 million, which included cash proceeds of $125.1 million as base consideration and an additional $30.6 million which was placed in escrow by the Buyer related to certain reinsurance-related recoverables. The funds in escrow may be released to the Seller over a period of two years following the closing. At the end of the two-year escrow period, any remaining balance of the escrow will be returned to the Buyer.
As a result of the sale, we realized a loss of $20.3 million in the first quarter of 2023, which is included as a component of Net realized investment and other gains (losses) in our Condensed Consolidated Statements of Income (Loss). This loss is due to the realization of unrealized investment losses, which was previously a component of accumulated other comprehensive income.
In the first half of 2023, $4.8 million of the consideration placed in escrow was released to the Company. In addition, the total consideration was adjusted to $161.3 million based on a mutually agreed final closing balance sheet, which resulted in an additional $5.6 million of cash proceeds received by the Company in July 2023.
Sale of ArgoGlobal SE
On June 22, 2022, we completed the sale of our Malta operations, ArgoGlobal Holdings (Malta) Ltd. and subsidiaries (“AGSE”) to RiverStone Holdings Limited (part of the RiverStone International Group) for €4.9 million (approximately $5.2 million), subject to the terms and conditions set forth in the purchase agreement. AGSE is one of the business units within our International Operations reporting segment. As a result, we realized a loss on the sale of AGSE of $21.3 million, which is included as a component of Net realized investment and other gains (losses) in our Condensed Consolidated Statements of Income (Loss). This amount includes $4.5 million of losses from the realization of historical foreign currency translation, which was previously a component of accumulated other comprehensive income.
Loss Portfolio Transfer
In April 2022, Argo Managing Agency Limited, for and on behalf of Lloyd’s Syndicate 1200, reached an agreement to enter into a loss portfolio transfer of the 2018 and 2019 years of account to Riverstone Managing Agency Limited, for and on behalf of Lloyd's Syndicate 3500, retrospectively from January 1, 2022.
Sale of Argo Seguros Brasil S.A.
On February 15, 2022, we completed the sale of our Brazilian operations, Argo Seguros Brasil S.A. (“Argo Seguros”), to Spice Private Equity Ltd., an investment company focused on global private equity investments, for a purchase price of 160 million Brazilian Reais (approximately $30.5 million), subject to the terms and conditions set forth in the purchase agreement. Argo Seguros was one of the units within our International Operations reporting segment. As a result, we realized a loss on the sale of Argo Seguros of $28.5 million, which is included as a component of Net realized investment and other gains (losses) in our Condensed Consolidated Statements of Income (Loss). This loss was primarily attributable to the realization of historical foreign currency translation, which was previously a component of accumulated other comprehensive income. We previously recognized a $6.3 million loss during 2021 as we adjusted the carrying value of Argo Seguros to its fair value.
In third quarter of 2022, a final purchase price was established in the amount of 140 million Brazilian Reais (approximately $26.9 million). As a result, we realized a loss on the sale of Argo Seguros of $33.8 million in 2022, which is included as a component of Net realized investment and other gains (losses) in our Condensed Consolidated Statements of Income (Loss).
2.    Recently Issued Accounting Pronouncements
The Company evaluated recently issued accounting pronouncements and determined none are material to our results of operations or financial position reported herein.
10
3.    Investments
Included in our Assets held-for-sale at December 31, 2022 in our Condensed Consolidated Balance Sheets is $55.9 million of assets managed on behalf of the trade capital providers, who are third-party participants that provide underwriting capital to the operations of Syndicates 1200 and 1910. At June 30, 2023, the Company did not have any assets managed on behalf of the trade capital providers due the sale of AUA as described in Note 1, “Business and Significant Accounting Policies.”
Fixed Maturities
The amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses, and fair value of fixed maturity investments were as follows:
June 30, 2023
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$392.4 $— $27.9 $— $364.5 
Foreign Governments36.5 0.3 6.6 1.0 29.2 
Obligations of states and political subdivisions106.1 — 9.4 — 96.7 
Corporate bonds1,337.7 0.5 142.9 1.4 1,193.9 
Commercial mortgage-backed securities332.3 — 52.3 — 280.0 
Residential mortgage-backed securities307.0 0.2 48.5 — 258.7 
Asset-backed securities146.1 — 12.4 0.1 133.6 
Collateralized loan obligations246.6 0.5 13.5 — 233.6 
Total fixed maturities$2,904.7 $1.5 $313.5 $2.5 $2,590.2 
December 31, 2022
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$410.9 $— $30.2 $— $380.7 
Foreign Governments35.6 0.3 6.7 0.8 28.4 
Obligations of states and political subdivisions109.9 0.4 10.1 0.4 99.8 
Corporate bonds1,394.8 0.9 160.0 1.6 1,234.1 
Commercial mortgage-backed securities337.4 — 52.0 — 285.4 
Residential mortgage-backed securities320.0 0.2 50.2 — 270.0 
Asset-backed securities153.4 — 14.2 — 139.2 
Collateralized loan obligations254.4 0.3 16.8 — 237.9 
Total fixed maturities$3,016.4 $2.1 $340.2 $2.8 $2,675.5 
11
Contractual Maturity
The amortized cost and fair values of fixed maturity investments as of June 30, 2023, by contractual maturity, were as follows:
(in millions)Amortized
Cost		Fair
Value
Due in one year or less$188.9 $183.2 
Due after one year through five years1,169.1 1,069.4 
Due after five years through ten years472.4 397.9 
Due after ten years42.3 33.8 
Structured securities1,032.0 905.9 
Total$2,904.7 $2,590.2 
The actual maturities may differ from the contractual maturities because debtors may have the right to call or prepay obligations.
Other Investments
Details regarding the carrying value and unfunded investment commitments of other investments as of June 30, 2023 and December 31, 2022 were as follows:
June 30, 2023
(in millions)Carrying
Value		Unfunded
Commitments
Investment Type
Hedge funds$54.8 $— 
Private equity267.0 102.7 
Other4.8 — 
Total other investments$326.6 $102.7 
December 31, 2022
(in millions)Carrying
Value		Unfunded
Commitments
Investment Type
Hedge funds$54.0 $— 
Private equity264.6 108.9 
Other4.6 — 
Total other investments$323.2 $108.9 
The following describes each investment type:
•Hedge funds: Hedge funds, carried at net asset value (“NAV”) as a practical expedient of fair value, include funds that primarily buy and sell stocks, including short sales, multi-strategy credit, relative value credit and distressed credit.
•Private equity: Private equity includes buyout funds, real asset/infrastructure funds, credit special situations funds, mezzanine lending funds and direct investments and strategic non-controlling minority investments in private companies that are principally accounted for using the equity method of accounting.
•Other: Other includes participation in investment pools.
12
Unrealized Losses
An aging of unrealized losses on our investments in fixed maturities is presented below:
June 30, 2023Less Than One YearOne Year or GreaterTotal
(in millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturities
U.S. Governments$13.6 $0.6 $350.8 $27.3 $364.4 $27.9 
Foreign Governments10.8 1.1 12.3 5.5 23.1 6.6 
Obligations of states and political subdivisions19.3 1.0 74.6 8.4 93.9 9.4 
Corporate bonds88.5 6.2 1,085.8 136.7 1,174.3 142.9 
Commercial mortgage-backed securities4.3 0.2 275.6 52.1 279.9 52.3 
Residential mortgage-backed securities22.9 1.5 233.9 47.0 256.8 48.5 
Asset-backed securities16.5 0.5 116.7 11.9 133.2 12.4 
Collateralized loan obligations12.5 0.2 206.6 13.3 219.1 13.5 
Total fixed maturities$188.4 $11.3 $2,356.3 $302.2 $2,544.7 $313.5 
December 31, 2022Less Than One YearOne Year or GreaterTotal
(in millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed maturities
U.S. Governments$271.0 $18.1 $109.8 $12.1 $380.8 $30.2 
Foreign Governments16.7 4.9 2.6 1.8 19.3 6.7 
Obligations of states and political subdivisions67.4 4.1 24.3 6.0 91.7 10.1 
Corporate bonds695.1 68.3 519.6 91.7 1,214.7 160.0 
Commercial mortgage-backed securities144.2 18.6