Argo Group US, Inc. 6.5% SR NTS 42 (ARGD) 3 Nov 212021 Q3 Earnings call transcript

00:02 Hello, and welcome to the Argo Group Third Quarter twenty twenty one Earnings Call. My name is Alex, and I’ll be coordinating the call today. [Operator Instructions] 00:20 I will now hand over to your host, Greg Charpentier, EVP of Investor Relations and Corporate Finance. Greg, over to you.

00:29 Thank you and good morning. conference the Group's twenty quarter Argo one. twenty to call third for of Welcome closed we the last release market and the After night, the with earnings, our at SEC. is was of filed on issued which available section in Investors website www.argogroup.com our press a and today's call Officer; Rehnberg, Financial Chief Chief Kevin on Kirk, Officer. Presenting Executive is Scott

and future management statements risks As expectations or by their differ from of more as events this or result XX:XX As the a a surrounding to reflect Such future. operator to Group mentioned, actual the the one that call, statements. may for such this obligation any may Argo result call. Argo XX:XX of involving generally forward-looking call intentions, expectations subsequent of qualified undertakes comments is beliefs developments and being recorded. are and forward-looking future make conference this statements update materially uncertainties no results inherent publicly

For filings Rehnberg, will and a Executive will certain more detailed More I Officer see non-GAAP in that non-GAAP are the our financial XX:XX Group. the over information be call provided Also with Argo Argo release. earnings we referencing measures information. turn risks Kevin note please uncertainties, these SEC. regarding now discussion to of such of Group's Chief

call. happy speak today to and XX:XX strong to everyone we Good you thank reported. for I'm morning on about the Welcome introduction, the Greg. results the

loss have the at directly four and three point underlying was sixty common Our annualized ratio, per on elevated an third we the quarter implemented earnings losses operating operating is dollars lower nine improved ratio reflects XX:XX Argo’s point zero losses, at Argo. percent. was share one experienced. eight catastrophe point to third seven equity to direction which for industry point Our loss despite strategic improved nine the catastrophe attributable the quarter, return zero points for

actions focused pursuing losses the volatility elevated expense expenses, industry are of the to implementing achieved we underwriting financial remain reduced on improved this insurance come facing management. starting and growth, our our We through growth I'm the on catastrophe plan make reducing profitable progress given results disciplined XX:XX quarter. the we in proud particularly are continue and to margins, implementing as performance

in Over to our XX:XX highlighted our the we This year, a strategy with more volatility led exit our catastrophe reduce capital business decision most as have we to businesses in results actively reduce our efforts our adjusted improvement past to reinsurance to twenty and to significant underwriting was the operations exposure our the quarter evident property reduce to made twenty as returns. the results. recent We stable volatility. in of significantly allocate insurance

we Given with very direction the tougher the market are the we taken. has happy recently, conditions experienced reinsurance have

Our reduce D&O forty points XX:XX limits average average over limits We the to six portfolio continue Casualty nine multiple across Excess five and percent have And as eleven the limits decrease point portfolio, eleven years, U.S. excess twenty portfolio. one, well. areas months and attachment during percent primary first down by twenty percent to twenty two twenty. of percent our period past in of up are have while same our to and limits the increase is commercial twenty respectively. decreased compared continued the attachment In the

well profitability leads Importantly, volatility. underwriting at same limiting increased time the to this

of sale Argo exit closed our several Seguros transactions comprised in priority contract to we Now, the to and XX:XX executed on becoming execute Brazil continue underperforming This of U.S. main leading businesses, specialty October. business We on sell P&C platforms. of including we the on our announcement non-strategic or XX:XX insurer. recent is focused our business to quarter, our operations three

On of the Lloyd's nine a two-thirds them Insurance. of and the optimize regularly to driven the in year. by years, taken investment represent go-forward at in from U.S. demonstrated which significant risks these our to investments Bermuda. come We basis, and Insurance a a results. in the underwriting numerous asset Bermuda XXXX has twelve contribution ten track platforms, of on are XX:XX business through soon based placed starting study hundred the market we portfolio. have business are portfolio to specialty side, Our followed U.S. and actions last our in Our on And get on are expertise. our focused profits on see U.S. long-term Syndicate our business specialty results this we are an operations, we reported adjusted impressive risks Bermuda record last we which and by allocations very our generating to have and portfolio financial end strong we business XX:XX conducted alternative targeted targeting

more duration for is heavily a plus of and eight three portfolio to environment. to with positions well weighted portfolio shorter Argo bond credit of us in Our due inflationary our liabilities, quality the short an years durations profile

more quarter continue November attributable third to twenty of one, to Malta growth the importantly, U.S., Argo underlying total limited also twenty twenty the in to percent point on twenty, percent have businesses and highlighted we these ongoing businesses October was business in we of have dollars, Premium basis, in margins. or one. direction compared Re our terms and to exiting, in with businesses Pro, increases sales In our average. underperforming grow exit quarters, XX:XX line be the twenty good ratios alternatives. These units. driven reduce Marine businesses quarter one premiums reflect premium of allocations gross and and our growth, We in including top continue when profitability. and by focus in seven over seventeen in quarter areas. invest Environmental, solid Overall, rate approximately of and up plan sixty On sold during the as twenty In last the we U.S. Inland of written quarter. XX:XX we Surety. twenty third point we're XX:XX grew gross in represent XX:XX Construction, There include the growth the Casualty, operations in topline businesses, twenty decisions grocery during on were and which Binding losses. business. approximately of two-thirds to nearly improved percent property growth quarter. in to in percent businesses, three combined six in Ariel down the a premiums the This continues was mid-single Italy, these exposure remain equities premium of have experienced In highly actions The U.S. is twenty the the March but Contract bit impact million XXs twenty. year-to-date third growth U.S. to the topline profitable meaningful the rates see but of from was gross digits by twenty minimal businesses getting in catastrophe over the the of our And less hold feel one our decrease in couple very increase about than quarter the to a we overall written in are continued is those

due in including range. Turning the average high-single the growing increased the sale to that excluding with twenty are of international, Pricing eleven to in Ariel in were attractive November businesses, market XXXX’s quarter percent in this in we have gross the and Our planned digits quarter exiting, strong the businesses up and reported share to businesses exit growth higher impact rate the to to or each outpaced increases the of continue remain be businesses Re conditions, capacity, sold in percent the Italy In broad-based. invest the Of growth. planned rates. were approximately of written ongoing and with rate twenty exits half from increasing increases contributed third XX:XX one averaging the and international ten nineteen of premiums premiums continued down gross primarily to XX:XX U.S. exposure Syndicate due approximately percent about lines Malta. of

thirty well generate percent underlying cumulative and most Syndicate approximately our Over We to attractive platform. Bermuda three hundred businesses to change has market for positioned ten for and favorable across one and been Insurance. margins believe of these two remain the years, conditions are percent continue past XXXX rate

lines not have do to continue turning strategic believe or will de-emphasize we attractive Now to competitive XX:XX take in we market where advantage. conditions actions We a where are or expenses. not

are We non-acquisition decrease in basis, continue efficiency our progress continues and to meaningful progress in to making driving operations. make several year-to-date towards we expense a On ratio our areas.

Additionally, we outside forty the a have as going the decreased additional two realized footprint consolidated hundred our has number or reduced we July renegotiated be and eight businesses, work contracts headcount to hybrid since significant real with We our by or vendors and have XX:XX including forward. estate of environment, twenty. employees twenty sixteen percent divested embraced with eliminated have flexible savings

to I’ll target call six results to make turn continue detail. results the very two. our year in full for ratio quarter twenty We thirty Overall, been more now and discuss for able objectives. the our progress with over I'm our on pleased twenty we've to the strategic expense X:XX to the Scott

per everybody. combined you, factors six zero nine good investments. strong by from dollars one our twenty twenty reduced combination on operating these alternative of decreased Thank turn common quarter ratio seven and XX:XX quarter losses, to a an of of Gross results. earnings first of point premiums an reported one morning, one in return and twenty point I'll point Yes. and the twenty the operating share improved We equity operating percent. third Kevin three catastrophe diluted strong driven third annualized earnings resulting one. of by XX:XX in percent contribution during consolidated The

sales twenty the the and of third premiums previously to quarter during one. up However impact allowing percent announced twenty are seventeen of approximately exits,

previously, grew growth key reported decreased capacity. As net increased Syndicate XX:XX XXXX the and percent grocery nine at of percentage while our Re quarter. and written of in premium the we are premium sale approximately related ownership net Ariel discussed both Now premiums drivers the earned the in to net

to as of quarter also retention shifts the we participation seventy where third focus increased result risk risk three where XX:XX retention more seven lines Re, of loss four premiums twenty basis, the the net increased mainly from a results. in of in we the add. reported the one, premiums towards as The by driven was segment. million In The the the in contributed cat third our from We quarter sixty losses twenty came from accident premium to dollars our percent The six to increased This International catastrophe dollars your the resulted mix included very development dollars eight included gross totaled of down loss third million million successful the segment year in current twenty The million prior losses divided to ratio related in combined this sixteen point percent of catastrophes the twenty reserve combined adverse related points business catastrophes three to quarter under seven basis million point lower outpace related expect primarily net the quarter. losses dollars the retention ratio six sixty million prior current the premium thirty significant one of XX:XX This natural despite fifty of written on a points retain written industry our a quarter for nearly a of mentioned, which of our million result due reunderwriting dollars to to In and of change or rate reduction million Kevin business increases increase in XX:XX COVID. percent, twenty four which on respectively. the compares U.S. a to we percent the in twenty ex-cat one-time seven seventy and reduce the was the seventeen dollars ratio. six our This well prior which prior XX:XX by year at property related or quarter, expenses. period. and of on Ariel losses third improved improvement during XX:XX totaled continued to improvement little our accounting point of in twenty one impact adjustment in represents one XXXX of year quarter, year. impact Our calculated fifty point -- seven twenty third dollars sale year-to-date development. exposures dollars ex-cat in and cat Turning resulting losses quarter. points balance of elevated the related one loss COVID-XX ratios quarter strategy accident in the during to dollars written growth the one, to six cat one. XX:XX reflects zero dollars retained cat million year favorably of points four in from the basis net ratio just now continue loss reserve As seven ten actions. the improvement point reflected in on gross segment pandemic. ratio Unfavorable benefits international as natural catastrophe ratio of implementation the has and our and The

twenty. year was administrative point third the to flat compared ratio the twenty in in quarter twenty and ratio six and expense Acquisition one percent with general Our and three thirty expense prior were twenty QX was line quarter. expense

and six and of incurred stands growth Net said include Inland compared in point previously, It's after earned percent growth XX:XX dollars the committed the Surety.. business ratio was the not our eight footprint expense year the to thirty Environmental, expense twenty reduction that the our estate to expect respectively expense Casualty, twenty premiums fronting expense our remain third this the were two. as that materialize the written percent in be in driven in million is that consecutive ratio quarter by adjusting related Now twenty point businesses the we ratio we a gross The noting U.S. ratio improvement written write benefits growth two. premiums thirty linear Pro, and Importantly, U.S. to we twenty invest non-operating Construction, increased premiums the at mainly premiums seven and year-to-date just quarter. the net increased three seven versus seven Turning begin target period to segment expense in In improvement percent. in to now expenses twenty. Argo percent percent. in our to in also under now our four we up ratio eight in the in real and the that twenty As marks in results going XX:XX third we and written quarter, three by worth XX:XX to Marine percent, for prior quarter U.S.

Our International share quarter Turning dollars due mainly of The on seventy exits, a initiatives. increase in by Syndicate fifteen by of segment declined to to higher business written partially current participation due percent XX:XX of our the million reported property reinstatement now retention third offset lines. ninety ratio. mix a with decreased partially segment. The compared by twenty. seven five primarily one third to an quarter. of written ten dollars earning prior into ex-cat driven combined in year reinsurance, are sixty on prior increased net premiums twenty segment point twenty by the twenty premiums rate losses. year increases twenty underwriting several and million of The thirty quarter ratio the increased loss offset the of announced The was in of XX:XX catastrophe acquisition as quarter. by of thousand of Ida in in quarter thirty reported current third percent business one in percent points losses five an year to the reduction under in five of net eight to the in underwriting ratio dollars ratio largest last twenty The quarter rates of premiums well the of percent impact by income percent point related mainly in million on exits the related third basis to and losses of by was the Reinstatement The in included quarter, which was in due driven to ratio quarter the loss quarter. the in four quarter. point ratio and year-to-date eighty one, points basis. points net three quarter investment and ratio earned The of XX:XX cat third compared reduction reinstatement twenty of just points premiums denominator and ratio at six year onto reinstatement to a we premiums was million twenty underwriting twenty third This Hurricane Moving basis Improvement in XXXX or combined investments, of one increased percentage of the nine fifty combined the third losses in million is XX:XX twenty the accident two quarter percent eight with execution the loss ratio relative zero twenty as expense the one Syndicate one. quarter reinstatement -- four one to quarter catastrophe the COVID-XX. six thirteen change percent in catastrophe in driven and U.S. twenty twenty was of ratio point reported by income the level premium one. and premiums the in to thirty Current thirteen and of and prior quarter decreased Losses percent point changes earned reduced dollars driven driven the percent five in to sixty the increases in three six in declines XX:XX point year driven the dollars ratio remediation of generated quarter. by five decrease points hedge improvement losses by prior The principally the associated prior and forty in mainly [indiscernible] eleven two the expense rate twenty of over year increase in related basis Cat fund administrative International during of G&A reduced our previously expense thirty percent two respectively investments. points were third fifty forty capacity. quarter income of net efforts hundred through was achieved losses general business acquisition versus last continued twenty XX:XX primarily net Gross the the increase primarily twelve investments, premiums results, the results. International third from the cat result The percent the and primarily and seventeen expense ratio and twenty twenty year. the increase the or XXXX decreased one. improvement of mark-to-market and the eleven prior one. by in dollars was twenty Syndicate our and losses the quarter. quarters, net gains year premium increased million dollars This points hundred combined from alternative the to the the impact XX:XX earned dollars ceded loss the and and premiums growth one hundred included XX:XX million of ratio percent the compared private equity four dollars million

in million the the action outperformance this yield as years that XX:XX quarter the quarter, twenty revert which percent historical and market. the down Net result, are three we the extended -- to the we as and period reflects pleased last overall back well de-risking income investments long continue two could dollars two certainly year was from available five lower portfolio time over an might for the alternative not reminder in prior from decline the investment loans. the last quarters, point This Although, last of with five quarter. recognize in our

and value figure to one as second compared In Lloyd's me to fifty ninety and And decreased has of has a work three of in required Argo of capital. ninety second funding this see call, Re. opportunities twenty. whether at the hundred this And results book quarter per point our say to Our marketplace. two perspective. XX:XX at share decreased our to flat that two and in around again, of the attractive levels writing me million and pounds, half to provided quarter let dollars of that our end million September twenty thirty is we And with figure by and talk This a third XXXX, the we was one. was reduced hundred dividends on hundred to monitor capital our Syndicate XX:XX three finally, fund pounds about is due improved combination International the against the twenty including at mentioned requirements this million agencies let determining range need and little in continually around put [indiscernible] we the quarter, what hundred of position fifty of end twenty pounds the the it we segment

in As shareholders. we will this the we've past questions. holds excess look to return concludes ready our if we XX:XX take prepared now to and automating Operator, capital have and we're that remarks, said now, to true these requirements,

Thank XX:XX you.

will first session. We Matt comes Instructions] Group. your now with JMP the proceed Carletti Matt, Our [Operator is from line now open. from question Q&A

XX:XX Good morning. Hey, thanks.

Good XX:XX Matt. morning,

the Kevin, Day, you team if had business question had I like So at you. on guess largely in you the Back March, field the going terms of it will, Investor the forward. for high level sounded XX:XX I a just in

forward that want to are field of to a moves going Do kind like trying the up picture going Is -- put pieces obviously be you I is the press big lifts some that going big guys Syndicate on there think Since been been to Day you edges or Argo be the interpretation sold, in anything, widely and while haven't made? potentially -- Just still the reported have for is there talks Brazil pieces of around sale. my from what sale has XXXX Investor big was this in look is there were through but then, that’s said right? the you get could a that at the place. point?

Investor update. supplement good part It's this that the XX:XX we to put is updates around. on because Yes, what many Day, Matt. reason so moved been of that's out some remaining there's the time is thanks, a for pieces --

my we in mentioned three in U.S. the are now remarks, effectively. I as in places We're So,

growth opportunity and We time be but to you and understand there's was and I noise things the recently going because time continued out results, in out spent performance looks that. different So, to to or the a so it I XX:XX of no We'll there's point running position businesses going are has what it have because is our Syndicate make leaders in been that. those, an outlook gives some opportunities what we some remaining the results these been. we're where of do than this market the And are. like. believe that the and environmental and businesses have remain If comment things having profit give in with all in look the Bermuda good the on we a performing in position U.S. we're not the a information resources returns would is been to everybody working through have a for lot in others down XXXX. we we've the so out of supplement we to rumors our what since given that sense the was help business and U.S. to for noise, of, on sense how I business every are there. good the now do in potential was in a don't clear the think gotten like I'm what we've still and we line ongoing But of XX:XX what of underlying are suggest

helps. that hopefully So,

be comment XXXX I business? would as it today, on least you at you Yeah. an I'm right it XX:XX safe but that ongoing hearing Lloyd's think, And can't is I -- appreciate consider that rumors, you're stands Syndicate

some I moving if still page we and the look, rate. in what's good five we're that's go the there actually that to have you out, look supplement Yeah. and getting on mean, left we're at XX:XXAbsolutely. why pro is things forma, still and

haven't I U.S. over ten like all capital or still dollars for out lot about pushed So, We've it. there's one opportunities last billion it's almost the out made and that that and didn't the reason and said, right. a been businesses and it continue work another of in years one grow to businesses

that American and the So are business, to North recently apply business. getting bankers to out Syndicate in going of those we're business the and we property very announced the things lines of

will a on have those we So impact as significant volatility forward. go

Great. color. Okay. appreciate you Thank XX:XX I it. the for

Yeah. XX:XX you. Thank

Matt. Thank you, XX:XX

Our next open. question is James. your Raymond now Greg, from line is Greg from Peters

Good Bolton Peters. This Alex calling Greg morning. in for XX:XX is

Alex. morning, Good XX:XX

provide if morning. you adjustment? the more accounting XX:XX XX dollars the Good Maybe just first, could million a little seven development, color maybe around reserve

XX:XX Yeah.

I’m this So, an going to issue. because take Scott it's let one accounting

jump you why don’t here, Scott, So, in please?

the year. higher really been the first nine Scott Yes. of undertaken There's a Thanks, XX:XX that have nothing more than Alex. Its here look, was months that. excite that result of other efforts remediation through

And ceded the XX:XX targets. Okay. reinsurance to ratio you investor going back maybe out presentation, then set

seeking think the International. guess I U.S., targets I those in still fifty all? seven moved at in sixty with three percent are targets you or

XX:XX Yes.

and share why And some that's we're way and what reduction had a reinsurance, on we property there. in of target. show actual the numbers we'll based on to upwards outsized but trend volatility So what's the Those and intending to exposure, an out of are relative put heavily more continue remaining. sort that is them reduction they're not it's are which lines, actually that importantly, in weighted

your on maybe confidence lastly, the then environment rate you maybe maybe of twenty two? touch just And can Great. Okay. into twenty XX:XX

XX:XX Sure.

previous in cost. loss for terms in we It’s but in the in, are increases below. that it's We may still rate as experienced pack of hearing consistent areas. strong it right was and loss are the above you still and are or above lines in from seeing there solidly competitors or little participate is instances right? with middle our good and a talk a of of But what for we've there We're about we little hearing be what year, not brokers the as we're some sort the others increases certainly it's cost what

fact the horizon, on the competitive inflation strong. pretty environment still is So the that

up or going drive an we're see looking going are we're at think to expecting continue I to moving rates lines abatement not it to heavily. in now. But certain right

XX:XX Appreciate answers. Okay. Great. the

XX:XX Great. Thank you.

Point open. [Operator from is Thank Casey, We line you. another question Casey have Alexander XX:XX now your Instructions] Research. Compass from

Good for Hi. questions. thank XX:XX and morning taking my you

XX:XX Good morning, Yeah.

where clearly that satisfied structural when My even of took season in take property and you and/or twenty first we kind question of in much successfully better wind catastrophe Yeah. this to twenty quarter. more or kind exposure it of underwriting relates and wind are Are a to is to the two? outcome exposure XX:XX it strategy you strategy down resulted down get sort the you

XX:XX Yes. Really good question.

I'm move to very right both and -- to are answer We specifically. it continuing forward, satisfied

had we partly and managed exposures the would we the out the to reduce through over the year, course we lines. some course over half, just of get the that anticipated hope there of than ourselves these of fast year point we So, and of driving

U.S. binders about in exposure in business, really at our on we talked the contract not of we not we're is putting property we're we're we're going sale the including at But resources good today, our there. about ended what happening XX:XX the North board. continued all across then things based and book not the good reduction lines, a actions and of casualty American finding so, I surprised earlier on June. D&F talked in and the XXXX, so Syndicate focusing what book forward we're for And Lines up out where writing just like What's

depends to to the there is happy what we we're in the we so exposure continuation direction And program that of reduction. means are But buy going continuing be really going work the reinsurance with What forward. on. we're can a expectation on net and that

you. Thank XX:XX

get but hate to Secondly, I too getting the twenty twenty near afield, end far we're of one.

So the earned from come perspective, have that expect in continue and a twenty about trend expected expense you continued twenty to modeling Would start growth downward twenty the expense unfortunately actions? from three to twenty premium primarily three. ratio would we thinking or in from

as the give overall that, of infrastructure look, things And support that is it, key some headcount out so Or -- well. the places, that we on is performing of have right? we get we tried lines right? XX:XX sixteen different percent. to going think organization less we've reduced are need the this in the said not to to we was by And before of color the one far, I what we've So, expenses

to So move where out that continue still underway us things some are of take continue as finalized. will they the we actions get that that of

So the businesses an at into lot lot putting element but same resource of a we're growing there's make a that sense. of time, of that, the

really done on continue side, savings. manage the duplicative of on able that I continued estate So side to because lot, and we've we'll services, a organization, the to XX:XX get were well. environment. a work rid of were move that significant continue we think had of things we'll real Relative that outside the effort and or as post contracts pandemic headcount we multiple And and to to the some have then in forward the consolidation

to We're the that. hope eliminating continue that but back are of the of do not targets going will inflation we an unprofitable, unnecessary employment with that things for that, it be translate a redundant as just premium from to impact -- life some the XX:XXAnd will resignation on. the There I us that and through we'll that's happens going think real bodes to well experiences So, everyone's we’re dealing absolutely into it continue great cultural of growth. some be all earned sit hallmark. and with or

mix with again, but it. closely factor we'll And stay got likely the And all an we're very of. it's too, lines impact something think have going an acquisition watch into because of after. business, we costs I and our uptick most that will out things see So, of of in to those the

I you. I differently Okay. My for I mean, lot how more two an issue. have difficult are I'll bring I'm organizations lot of your in to are? on-site? it's thoughts a create questions in have to question XX:XX order where curious days. that your are do question out. culture you questions are a And not what of is, these think manage environment first employees first these confronting in that

XX:XX It's to and talk about. Yeah. difficult a issue great

two there's So this. to pieces

for have It's interactions. that not together, got but lot never limited who People while who've together go have really For a and while. personal closely at and a joined have for joined issues that around met the difficult, it's have worked folks who hard. been through those times, worked not we've and anybody And but have who we've employees, a right? we people of had got or new people

kind it's going we're resources And we're it's there's Zoom imperfect, whether that through find happened regions together meetings, of if outside actually on way others some do those a of its doing three lot are a all trying people, getting there front communication people whether through but what or things businesses to it's what event of So, based to on. taking to possible. can an approach looking that's or whether have of are connect and

business going day. something on in is direction, work it's but and the right So we the watch that every

think of reemergence is we're end. going pot lock, off-site The XX:XX to I the where

creative pretty That’s are XX:XX stuff people doing.

Yeah. XX:XX

question. last Here's my

appreciate strategic accretive that tighter just could and catch would have to be so don't the or effort like you that that and do strategic there can that investors I you didn't think it whatever is communicate helpful it. like you think, be tighten that streamlining strategically something piece that really But I feel it to think and here it highly I even of important much continue change. there surprise the by think is missing, really you would a investors focus that investors further, that's and that the a business and add

that's a point well good as No, Okay. XX:XX taken.

have the on direction or what they and been who clear doing remediated it it's they're lanes piece and and know they the of we've Let about what on just the ones the seen, business we the leaders start excited right? business and side, underlying that the better ever question been people the left that got are their international than they're And I've are what in that successful saying me it. running to that is that's have by been feel answer is are

XX:XX So, in I optimism, been our the are that operating they our with it's On about how and as one last was have side, marketplace the opportunities, focused good. technology. we where never happy with feel good solid review, U.S. working to

that from a away walked special feeling great carrier. meeting and that or I U.S. translates So, into

find are we multiple of So there's executives specialty And experience and what lines and I hands a an a not it's number in. research that who culturally, and right group have market point dedicated from can with to these we about standpoint some fit of some the underwriting companies exposure standpoint have to the understand of at we're on market lines and of contacts. some where getting areas the right know us people in have on the

a in been so the been for you haven't few a entering may see that us haven't in And areas in we or future while.

I'm XX:XX Right. asking questions. for quota way over my Well,

but questions. stop appreciate. I'll So I there, for thank you my taking

Thanks. Appreciate Yeah. interest. your XX:XX

XX:XX Thank you, Casey.

next Returns. open. from Our comes your question from line Bobman is Capital Ron now Ron,

morning. Hi. a and XX:XX Thanks lot good

XX:XX morning, Hey. Good Ron.

XX:XX Hi.

for loss gave complicated, the to I some environment is of start of sort now ever guidance of trying year. ratio But greater for on knows. one again changes recognize plan think And maybe point expense an and specificity course, at how more city mix You us us of year or the twenty I two. between next or particularly and long the far on a with estimate specificity next estimate you sort loss which giving ratio changing no the

loss are intention sort in maybe is the a Can exits business separate markets lines the long mix certain year. But and forward what but thus on I'm mix, and/or will of these what the changes of and loss apart, to really could you help of the business getting. ratio? know of of you guidance you've friction there, books maybe combined And geographies or or be us go some sort ratio or sort for laid there next let out how know combines a on drag maybe ratio of the that's So please? provide I the underlying

Yes. XX:XX

have we So, not traditionally given guidance.

of However, some on we we basis. a thought fourth combined the in have the business direction would the two where quarter go given sort call, years about last

the ratio So expense candid probably define. The about what we're haven't while given expense, ratio and ratio easy specifically, sorry, since the we same is. pretty the to we've been going the loss is do to loss thing pretty I'm

refer So But your secondarily, fourth it I'll do it's if can point we to right try a of would now we do more it will, we will do not the before end that about way to but to going what noise importantly, and to XX:XX is I when -- year, about premature that then find the did continue to about come. that if think as your when the we we'll talk early, what point quarter call. be,

based to really quantify dropping and part dollars dollars just We our net they of down cat and where was will hard the early given to and different then year on million that you are it for now. year do being million what got our best magnitude to and moving parts sixty the last see of between happened fifty the

was noise we'll is good work to bit between, because timelines what things. have are more on we was and try about know couldn't I on frustrated It’s it we'll for our that that Thanks. we request some in and discrete, because best exactly do think you numbers that a tell So, certain were moving, people because a complicated. but the I

Yes. Understood. XX:XX

contribution Syndicate Argo profits third field, underwriting from operating or or in Moving contribution together the or international. to the did in quarter, and a XXXX underwriting contribute loss. did year-to-date how separately profit the Bermuda lump income not the quarter a as How either

XX:XX Yeah.

million in release it that point think income, from We lines precedent And haven't operating broken an here, but see can you set international the seven out. we the dollars. four I was don’t a on

XXXXs that past, the you've underwriting in on did profitability. do commented So, in quarter? the How XX:XX

final do Scott, have you the there? XX:XX number

for you -- could run the we're what looking me you can Ron, for XX:XX exactly? exact again, question

perspective an underwriting XXXX from XX:XX Was in the profitable quarter.

contribution huge, that not see or in a Look, so you the we're thereabouts. breakeven overall was can around XX:XX and

Thanks. Okay. XX:XX

want more that don't Speakers] specific I [Multiple because XX:XX to. than

American binder XX:XX But D&F at we the Ida. in and getting announce as impacted reminder, we're didn't by business, a which was North

forward. So, on it, business make going for those out facts. pointing We're focused what's the -- underlying excuses are just I'm not right? to I'm trying

sure. not I'm Okay. XX:XX

Thank fully try, the must last I'm understand offline. comment, ask can I Okay. you. but…

Thanks. Okay. XX:XX

Ron. Thank XX:XX you,

We have questions. further no

back hand I for remarks. any Kevin So over closing to

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