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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 March 31, 2022
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 Respects 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 May 4, 2022.
TitleOutstanding
Common Shares, par value $1.00 per share34,958,238



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.
 

3
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)
 
March 31,
2022		December 31,
2021
 (Unaudited) 
Assets 
Investments:  
Fixed maturities available-for-sale, at fair value (cost: 2022 - $4,302.7, 2021 - $4,203.2; allowance for expected credit losses: 2022 - $2.9, 2021 - $2.5)
$4,143.9 $4,223.3 
Equity securities, at fair value (cost: 2022 - $61.3; 2021 - $70.3)
54.0 56.3 
Other investments (cost: 2022 - $452.4; 2021 - $387.0)
452.5 387.2 
Short-term investments, at fair value (cost: 2022 - $420.6; 2021 - $655.4)
421.1 655.8 
Total investments5,071.5 5,322.6 
Cash154.0 146.1 
Accrued investment income22.1 20.9 
Premiums receivable649.3 648.6 
Reinsurance recoverables2,857.9 2,966.4 
Goodwill 147.3 147.3 
Intangible assets, net of accumulated amortization17.3 17.3 
Current income taxes receivable, net— 7.3 
Deferred tax asset, net99.2 73.6 
Deferred acquisition costs, net174.6 168.0 
Ceded unearned premiums494.9 506.7 
Operating lease right-of-use assets60.8 81.4 
Other assets232.1 211.6 
Total assets$9,981.0 $10,317.8 
Liabilities and Shareholders' Equity
Reserves for losses and loss adjustment expenses$5,648.1 $5,595.0 
Unearned premiums1,386.0 1,466.8 
Accrued underwriting expenses and other liabilities167.4 166.6 
Ceded reinsurance payable, net577.9 724.4 
Funds held65.8 76.6 
Senior unsecured fixed rate notes140.4 140.3 
Other indebtedness57.3 57.0 
Junior subordinated debentures258.3 258.2 
Operating lease liabilities69.0 97.7 
Total liabilities8,370.2 8,582.6 
Commitments and contingencies (Note 14)
Shareholders' equity:
Preferred shares and additional paid-in capital - $1.00 par, 30,000,000 shares authorized; 6,000 shares issued at March 31, 2022 and December 31, 2021, respectively; liquidation preference $25,000
144.0 144.0 
Common shares - $1.00 par, 500,000,000 shares authorized; 46,260,520 and 46,192,867 shares issued at March 31, 2022 and December 31, 2021, respectively
46.3 46.2 
Additional paid-in capital1,388.5 1,386.4 
Treasury shares (11,315,889 shares at March 31, 2022 and December 31, 2021, respectively)
(455.1)(455.1)
Retained earnings622.0 636.4 
Accumulated other comprehensive income, net of taxes(134.9)(22.7)
Total shareholders' equity1,610.8 1,735.2 
Total liabilities and shareholders' equity$9,981.0 $10,317.8 
See accompanying notes.
4
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
March 31,
 20222021
Premiums and other revenue:
Earned premiums$480.6 $466.1 
Net investment income37.7 44.4 
Net realized investment and other gains (losses):
Net realized investment and other losses(40.2)(1.3)
Change in fair value recognized6.7 15.5 
Change in allowance for credit losses on fixed maturity securities(1.0)(1.1)
Total net realized investment and other gains (losses)(34.5)13.1 
Total revenue483.8 523.6 
Expenses:
Losses and loss adjustment expenses283.6 307.6 
Underwriting, acquisition and insurance expenses172.9 176.4 
Non-operating expenses7.4 1.9 
Interest expense5.8 5.1 
Fee and other (income) expense, net(0.8)0.1 
Foreign currency exchange losses2.9 1.3 
Total expenses471.8 492.4 
Income before income taxes12.0 31.2 
Income tax provision13.0 1.4 
Net income (loss)$(1.0)$29.8 
Dividends on preferred shares2.6 2.6 
Net income (loss) attributable to common shareholders$(3.6)$27.2 
Net income (loss) attributable to common shareholders per common share:
Basic$(0.11)$0.78 
Diluted$(0.11)$0.78 
Dividend declared per common share$0.31 $0.31 
Weighted average common shares:
Basic34,891,935 34,712,650 
Diluted34,891,935 34,938,013 
 
See accompanying notes.
5
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(Unaudited)
 
 For the Three Months Ended
March 31,
 20222021
Net income (loss)$(1.0)$29.8 
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments4.1 (0.9)
Reclassification adjustment for foreign currency translation included in net income27.3 — 
Unrealized losses on fixed maturity securities:
Losses arising during the year(172.0)(62.1)
Reclassification adjustment for losses (gains) included in net income(5.4)(4.0)
Other comprehensive income (loss) before tax(146.0)(67.0)
Income tax (benefit) provision related to other comprehensive income (loss):
Unrealized gains (losses) on fixed maturity securities:
Losses arising during the year(32.8)(11.8)
Reclassification adjustment for (gains) losses included in net income(1.0)(0.8)
Income tax (benefit) provision related to other comprehensive income (loss)(33.8)(12.6)
Other comprehensive loss, net of tax(112.2)(54.4)
Comprehensive loss$(113.2)$(24.6)
 
See accompanying notes.

6
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, December 31, 2020$144.0 $46.0 $1,380.2 $(455.1)$684.1 $58.6 $1,857.8 
Net income— — — — 29.8 — 29.8 
Other comprehensive loss - Change in fair value of fixed maturities, net of taxes— — — — — (53.5)(53.5)
Other comprehensive loss, net - Other
— — — — — (0.9)(0.9)
Activity under stock incentive plans
— 0.1 2.1 — — — 2.2 
Retirement of common shares (tax payments on equity compensation)
— — (1.4)— — — (1.4)
Employee stock purchase plan
— — 0.4 — — — 0.4 
Dividends on preferred shares— — — — (2.6)— (2.6)
Cash dividend declared - common shares ($0.31/share)
— — — — (10.8)— (10.8)
Balance, March 31, 2021$144.0 $46.1 $1,381.3 $(455.1)$700.5 $4.2 $1,821.0 
Balance, December 31, 2021$144.0 $46.2 $1,386.4 $(455.1)$636.4 $(22.7)$1,735.2 
Net loss— — — — (1.0)— (1.0)
Other comprehensive loss - Change in fair value of fixed maturities, net of taxes— — — — — (143.6)(143.6)
Other comprehensive income, net - Other— — — — — 31.4 31.4 
Activity under stock incentive plans
— 0.1 2.7 — — — 2.8 
Retirement of common shares (tax payments on equity compensation)
— — (1.0)— — — (1.0)
Employee stock purchase plan
— — 0.4 — — — 0.4 
Dividends on preferred shares— — — — (2.6)— (2.6)
Cash dividend declared - common shares ($0.31/share)
— — — — (10.8)— (10.8)
Balance, March 31, 2022$144.0 $46.3 $1,388.5 $(455.1)$622.0 $(134.9)$1,610.8 

See accompanying notes.

7
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
 For the Three Months Ended March 31,
 20222021
Cash flows (used in) provided by operating activities:  
Net income (loss) $(1.0)$29.8 
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Amortization and depreciation5.9 2.9 
Share-based payments expense3.2 2.3 
Deferred income tax benefit, net9.3 0.3 
Net realized investment (gains) losses 34.5 (13.1)
Undistributed earnings from alternative investment portfolio(13.6)(20.7)
Change in:
Accrued investment income(1.2)(0.6)
Receivables43.9 242.5 
Deferred acquisition costs(6.5)(6.5)
Ceded unearned premiums(2.9)(11.8)
Reserves for losses and loss adjustment expenses101.4 (268.2)
Unearned premiums(38.5)(33.6)
Ceded reinsurance payable and funds held(147.8)158.2 
Income taxes 3.2 1.3 
Accrued underwriting expenses and other liabilities11.5 6.4 
Other, net(29.3)(19.0)
Cash (used in) provided by operating activities(27.9)70.2 
Cash flows provided by (used in) investing activities:
Sales of fixed maturity investments291.1 264.0 
Maturities and mandatory calls of fixed maturity investments144.3 195.9 
Sales of equity securities9.0 14.6 
Sales of other investments20.9 27.1 
Purchases of fixed maturity investments(597.4)(617.6)
Purchases of equity securities(1.0)(0.5)
Purchases of other investments(17.9)(20.6)
Change in foreign regulatory deposits and voluntary pools(8.6)(9.1)
Change in mortgage loans(46.5)— 
Change in short-term investments234.1 59.7 
Settlements of foreign currency exchange forward contracts— (1.7)
Proceeds from sale of Argo Seguros Brasil, net of cash transferred22.7 — 
Purchases of fixed assets, net(0.7)(7.7)
Other, net— 45.9 
Cash used in investing activities50.0 (50.0)
Cash flows used in financing activities:
Activity under stock incentive plans (1.1)0.3 
Payment of cash dividends to preferred shareholders(2.6)(2.6)
Payment of cash dividends to common shareholders(10.8)(10.8)
Cash used in financing activities(14.5)(13.1)
Effect of exchange rate changes on cash0.3 0.8 
Change in cash 7.9 7.9 
Cash, beginning of year146.1 148.8 
Cash, end of period$154.0 $156.7 
 See accompanying notes.
8
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.    Basis of Presentation
The accompanying 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 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; estimates of written and earned premiums; reinsurance premium receivable; 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 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 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K and Form 10-K/A for the year ended December 31, 2021 filed with the Securities and Exchange Commission ("SEC") (collectively, “2021 Form 10-K”).
The interim financial information as of, and for, the three months ended, March 31, 2022 and 2021 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.
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 is 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.
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.
3.    Investments
Included in Total investments in our Consolidated Balance Sheets at March 31, 2022 and December 31, 2021 is $71.2 million and $89.6 million, respectively, 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.
9
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:
March 31, 2022
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$496.0 $0.4 $17.0 $— $479.4 
Foreign Governments211.7 3.7 7.6 0.3 207.5 
Obligations of states and political subdivisions169.6 2.3 4.9 0.4 166.6 
Corporate bonds2,009.0 9.7 86.2 2.1 1,930.4 
Commercial mortgage-backed securities422.7 0.6 23.1 — 400.2 
Residential mortgage-backed securities455.4 1.9 26.5 — 430.8 
Asset-backed securities205.6 0.3 5.3 0.1 200.5 
Collateralized loan obligations332.7 0.6 4.8 — 328.5 
Total fixed maturities$4,302.7 $19.5 $175.4 $2.9 $4,143.9 
December 31, 2021
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Fixed maturities
U.S. Governments$422.7 $5.5 $3.2 $— $425.0 
Foreign Governments234.7 2.2 3.9 0.2 232.8 
Obligations of states and political subdivisions166.7 5.8 1.2 — 171.3 
Corporate bonds1,972.3 33.5 20.3 2.2 1,983.3 
Commercial mortgage-backed securities416.7 6.3 4.3 — 418.7 
Residential mortgage-backed securities480.7 7.5 5.7 — 482.5 
Asset-backed securities173.0 1.3 0.6 0.1 173.6 
Collateralized loan obligations336.4 1.3 1.6 — 336.1 
Total fixed maturities$4,203.2 $63.4 $40.8 $2.5 $4,223.3 
Contractual Maturity
The amortized cost and fair values of fixed maturity investments as of March 31, 2022, by contractual maturity, were as follows:
(in millions)Amortized
Cost		Fair
Value
Due in one year or less$229.3 $232.1 
Due after one year through five years1,849.4 1,795.6 
Due after five years through ten years719.4 673.7 
Due after ten years88.2 82.5 
Structured securities1,416.4 1,360.0 
Total$4,302.7 $4,143.9 
The actual maturities may differ from the contractual maturities because debtors may have the right to call or prepay obligations.
10
Other Investments
Details regarding the carrying value and unfunded investment commitments of other investments as of March 31, 2022 and December 31, 2021 were as follows:
March 31, 2022
(in millions)Carrying
Value		Unfunded
Commitments
Investment Type
Hedge funds$58.1 $— 
Private equity259.6 68.8 
Overseas deposits83.6 — 
Commercial Mortgage Loans46.5 — 
Other4.7 — 
Total other investments$452.5 $68.8 
December 31, 2021
(in millions)Carrying
Value		Unfunded
Commitments
Investment Type
Hedge funds$58.6 $— 
Private equity248.9 64.2 
Overseas deposits74.9 — 
Other4.8 — 
Total other investments$387.2 $64.2 
The following describes each investment type:
•Hedge funds: Hedge funds 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.
•Overseas deposits: Overseas deposits are principally invested in short-term sovereign fixed income and investment grade corporate securities and international stocks.
•Commercial mortgage loans: Commercial mortgage loan investments are composed of participation interests in a portfolio of commercial mortgage loans. Loan collateral is diversified with regard to property type and geography.
•Other: Other includes participation in investment pools.
11
Unrealized Losses
An aging of unrealized losses on our investments in fixed maturities is presented below:
March 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$416.1 $12.8 $49.6 $4.2 $465.7 $17.0 
Foreign Governments150.2 6.7 25.4 0.9 175.6 7.6 
Obligations of states and political subdivisions78.7 4.7 3.0 0.2 81.7 4.9 
Corporate bonds1,275.0 62.9 219.6 23.3 1,494.6 86.2 
Commercial mortgage-backed securities296.8 17.8 41.7 5.3 338.5 23.1 
Residential mortgage-backed securities234.6 13.8 120.7 12.7 355.3 26.5 
Asset-backed securities135.9 4.7 7.0 0.6 142.9 5.3 
Collateralized loan obligations274.8 4.8 1.0 — 275.8 4.8 
Total fixed maturities$2,862.1 $128.2 $468.0 $47.2 $3,330.1 $175.4 
December 31, 2021Less 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$193.4 $2.6 $14.6 $0.6 $208.0 $3.2 
Foreign Governments152.4 3.3 2.6 0.6 155.0 3.9 
Obligations of states and political subdivisions