HAMILTON, Bermuda--(EON: Enhanced Online News)--Argo Group International Holdings, Ltd. (NASDAQ: AGII), an international underwriter of specialty insurance and reinsurance products, announced today its first quarter 2017 earnings will be adversely impacted by approximately $16.5 million relating to four items:
(1) Transaction costs of $2.5 million related to the recent acquisition of Ariel Re;
(2) 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;
(3) Additional late reported claims from Hurricane Matthew of $5 million; and
(4) An estimated impact of $5 million to incorporate the recent change in the UK Ogden discount rate.
First quarter 2017 financial results will be released after the close of U.S. financial markets on Wednesday, May 3, 2017. Company management will conduct an investor conference call starting at 10 a.m. EDT (11 a.m. ADT) on Thursday, May 4, 2017.
CONNECTING TO THE CONFERENCE CALL
A live webcast of the conference call can be accessed by visiting http://services.choruscall.com/links/agii170504.html. Participants in the U.S. can access the call by dialing (877) 291-5203. Callers dialing from outside the U.S. can access the call by dialing (412) 902-6610. Please ask the operator to be connected to the Argo Group earnings call.
A webcast replay will be available shortly after the live conference call and can be accessed at http://services.choruscall.com/links/agii170504.html. A telephone replay of the conference call will be available through May 11, 2017, to callers in the U.S. by dialing (877) 344-7529 (conference # 10105588). Callers dialing from outside the U.S. can access the telephone replay by dialing (412) 317-0088 (conference # 10105588).
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NASDAQ: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Argo Group's insurance subsidiaries are A. M. Best-rated 'A' (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo's U.S. insurance subsidiaries are Standard and Poor's-rated 'A-' (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.argolimited.com.
This press release contains certain statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and also may differ materially from actual future experience involving any one or more of such statements. For a more detailed discussion of such risks and uncertainties, see Argo Group's filings with the SEC. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo Group that Argo Group's objectives will be achieved. Argo Group undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.