Argo kicked off a new era under new leadership as it looked to rebuild bridges with external stakeholders after a bruising 2019, hinting at a bold plan to “simplify, reduce and eliminate”.
Argo reported an operating loss of $2.15/sh, including a $114mn underwriting loss that was mainly the result of a $77mn reserve charge tied to its London, Bermuda, and European operations.
Warren Buffett’s conglomerate reported ludicrous headline net earnings, but with a less healthy story in insurance with lower favorable development and notable deterioration of results at Geico.
