AM Best Revises Outlooks to Stable for Argo Group International Holdings, Inc. and Its Subsidiaries
The ratings reflect Argo Group's balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM). The revision of the outlooks to stable from positive is due to continued earnings weakness and material deviation of results from management's projections. Although Argo Group's management team is taking corrective actions to improve the operating performance of the organization, its run-off lines of business continued to generate sizeable losses, which have offset more profitable results of ongoing lines of business. AM Best expects that improvement measures implemented by Argo Group's management will gradually lead to stronger underwriting earnings; however, it is unclear how long the adverse impact of the run-off operations will continue to pressure the overall results.
The balance sheet strength is supported by the organization's very strong level of risk-adjusted capitalization as measured by Best Capital Adequacy Ratio (BCAR). In 2024, Argo Group benefited from a $500 million capital contribution from its parent, Brookfield Wealth Solutions Ltd. Higher capital has resulted in improved BCAR scores and has provided sufficient support for the growth of ongoing operations and the reserve-strengthening needs of the run-off blocks.
The FSR of A- (Excellent) and the Long-Term ICRs of 'a-' (Excellent) have been affirmed with the outlooks revised to stable from positive for Argo Group International Holdings, Inc.'s operating subsidiaries:
Argo Re Ltd.
Argonaut Great Central Insurance Company
Argonaut Insurance Company
Argonaut-Midwest Insurance Company
ARIS Title Insurance Corporation
Colony Insurance Company
Peleus Insurance Company
Colony Specialty Insurance Company
Rockwood Casualty Insurance Company
Somerset Casualty Insurance Company
The following indicative Long-Term IRs available under various shelf registrations have been affirmed with outlooks revised to stable from positive:
Argo Group International Holdings, Inc. —
-- 'bbb-' (Good) on senior unsecured debt
-- 'bb+' (Fair) on subordinated debt
-- 'bb' (Fair) on preferred stock
Argo Group US, Inc. —
-- 'bbb-' (Good) on senior unsecured debt
-- 'bb+' (Fair) on subordinated debt
Argo Group Statutory Trust —
-- 'bb' (Fair) on preferred stock
The following Long-Term IR has been affirmed with an outlook revised to stable from positive:
Argo Group US, Inc. —
-- 'bbb-' (Good) on $143.75 million 6.5% senior unsecured notes, due 2042
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
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