Net income attributable to common shareholders was $56.1 million, up notably from $10 million in Q2’24.

Total revenue amounted to $336.5 million, down from $380.7 million.

Net earned premiums totalled $229.7 million, a decrease from $289.9 million.

Net investment income increased to $69.4 million from $66 million.

Total expenses stood at $261.7 million, significantly lower than $362.4 million a year earlier.

Consolidated losses and loss adjustment expenses were $156.1 million, down from $226.7 million.

The loss ratio for the three months ended June 30, 2025, was 68.0%, compared to 78.2% for the same period in 2024.

Catastrophe losses of $7.5 million (3.3 percentage points) were mainly attributable to U.S. storms, compared to $6.7 million (2.3 percentage points) a year prior.

The expense ratio fell to 38.0% from 40.3%, primarily driven by a lower acquisition expense ratio as a result of business mix due to the businesses put into run-off having higher acquisition costs and lower non-acquisition costs.

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Pelaez brings over two decades of industry experience, with expertise in insurance M&A and a strong track record in strategy and operations. In his new role, he will play a key part in driving execution across IT, Operations, Technical Underwriting, and other core functions.

He will also continue serving as Managing Director at Brookfield, which acquired Argo in November 2023 in an all-cash transaction valued at approximately $1.1 billion. At Brookfield, Pelaez is responsible for Insurance Strategy and Portfolio Management.

Pelaez said, “Excited to be part of the Argo team and continue Brookfield’s momentum in P&C.”

Before joining Brookfield, Pelaez spent nearly eight years at Voya Financial, most recently as Vice President – Corporate M&A, where he worked closely with C-Suite and other senior executives to develop and execute M&A strategy.

He also spent nearly a decade at Citi, most recently serving as Vice President – Investment Banking.

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Donahue, who joined the company in November 2023 as Chief Financial Officer, succeeds Jessica Buss, who has served as Argo’s Chief Executive Officer since November 2023.

With this is mind, David Chan has been named as Argo’s Chief Financial Officer, having served as Argo’s Chief Accounting Officer since 2022.

Donahue, who also serves as Senior Vice President at Brookfield Asset Management, has previously held roles at Lazard and Morgan Stanley.

Meanwhile, Chan has previously held senior roles at AmTrust Financial Services, Inc., Moody’s Investor Services, and PwC.

Jonathan Bayer, Chair of Argo’s Board of Directors, commented, “Chris has been integral to the transformation of Argo into a U.S.-focused specialty property & casualty company.

“Argo has a focused strategy for its products and partners and is well positioned for future growth as Chris and the executive team continue to lead Argo.”

Bayer continued, “We greatly appreciate Jessica’s leadership through Argo’s transformation and her many valuable contributions. We wish her all the best in her next pursuit.”

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Known for his experience particularly across the property & casualty (P&C) space, Madigan also has experience and expertise within the insurance-linked-securities  (ILS) market as well.

He began his career in the industry in 1995, by working as an Actuarial Analyst at CNA Insurance, a role he would hold for over three years.

After his stint at CNA Insurance, Madigan joined run-off manager RiverStone Resources, LLC, where he served as an Actuary for just over two years.

Moving forward, between April 2003 – March 2006, Madigan worked at Platinum Underwriters, Bermuda, where he held the role of Vice President, Actuary.

Following his tenure at Platinum, Madigan would then go on to serve at Flagstone Reinsurance Bermuda, as VP, Deputy Underwriter. In this role, he mostly focused on underwriting a book of treaty property reinsurance, and managing sidecar portfolios.

In 2012, he joined PwC, where he served as a Director, Actuarial and Insurance Management Solutions, based in New York.

After working at PwC for three years, Madigan joined global insurance broker WTW in 2015 as a Director, also based in New York.

Moreover, in 2018, he would return to PwC, where he would serve as a Director, Actuarial Services for two and a half years.

In his most recent role, Madigan served as a Senior Director at FTI Consulting, the business advisory firm.

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Saunders holds two decades of industry experience, having served in several executive roles across underwriting, audit, product development and strategy.

Most recently, she was Director of Inland Marine at Markel. Before that, she was Product Director at Allianz Global Corporate & Specialty SE.

She has also held roles at Travelers Cos. Inc. and Great American Insurance Group Inc.

According to Argo, Saunders’ energy, vision and technical competence will help elevate the Inland Marine business and position the firm for future success.

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Under the terms of the transaction, Brookfield Reinsurance acquired all issued and outstanding common shares of the Bermuda-based specialty P&C insurer at a price of $30 per share.

The consideration per Argo common share represents a 6.7% premium to the firm’s closing share price on February 7th, 2023, and a 48.7% premium over its closing share price on September 7th, 2022.

Brookfield Reinsurance and Argo unanimously approved the definitive merger agreement back in February 2023. A few months later, in April 2023, Argo’s shareholders approved the agreement for the company to be acquired by Brookfield Reinsurance.

Now that the acquisition has been completed, Argo’s common shares have ceased trading on the New York Stock Exchange.

According to the announcement, Argo’s leading U.S. specialty platform adds a foundational piece to Brookfield Reinsurance’s expanding US P&C operations and increases Brookfield Reinsurance’s assets to over $50 billion.

In connection with the closing, Argo also announced that Jessica Snyder will assume the role of Chief Executive Officer of Argo, succeeding Thomas Bradley who is to retire upon closing.

Snyder is an experienced executive with over three decades of industry experience and has been with Argo since 2022, when she joined as President of US Insurance.

Following the original announcement, Bradley noted that the agreement with Brookfield Reinsurance “brings a successful conclusion to Argo’s strategic alternatives review process and represents the best path forward for Argo, our employees and policyholders while also maximizing value for our shareholders.”

“By joining Brookfield Reinsurance, Argo will continue to serve our brokers with greater financial strength and opportunities to grow as a US-focused specialty insurer,” he added.

Goldman Sachs & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Argo on the transaction.

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The firm reported an underwriting loss of $54.3 million, compared with a $4.8 million loss a year earlier, as the loss ratio increased from 65.7% to 82.0%, driven by a rise in catastrophe losses to $24.7 million.

In comparison, catastrophe losses in the prior year third quarter were $23.4 million on the loss ratio. Catastrophe losses in the third quarter 2023 were mainly due to Hawaii wildfires, Hurricane Idalia, Tropical Storm Ophelia, and other U.S. storms.

For Q3’23, the company’s gross written premiums (GWP) saw a year-on-year decrease of 29.6%, standing at $528.3 million, compared to the $750.9 million for Q3 2022. The declines is attributed to the businesses the company has sold and exited.

The GWP within the company’s ongoing business have also decreased by approximately 9.1% from the prior year’s third quarter.

Meanwhile, earned premiums are currently at $342.7 million, showing a decrease year over year from $455.0 million in Q3 2022, reflecting a 24.7% difference.

Although, Argo’s net investment income, which stands at $40.4 million for Q3 2023, has increased by $6.4 million or 18.8% from Q3 2022. The has been attributed to higher interest rates and improved returns on alternative investments.

All in all, Argo has reported a net loss of $49.5 million in the third quarter of 2023, which is an improvement on the net loss of $51.4 million reported a year earlier. The Q3 2023 net loss included pre-tax net realized investment and other losses of $4.7 million, compared to $44.7 million of pre-tax net realized investment and other losses in the prior year third quarter.

“We were pleased to receive a majority of the required regulatory approvals for the merger with Brookfield Reinsurance,” said Argo Executive Chairman and Chief Executive Officer, Thomas A. Bradley.

“As we wait to receive the remaining required regulatory approvals, we continue to work diligently with Brookfield Reinsurance on integration planning and anticipate an orderly transition for our customers and business partners once the transaction is completed.

“Argo’s third quarter performance benefited from disciplined expense management and increased investment returns. We are encouraged by the progress of our ongoing efforts to optimise the business to deliver improved profitability moving forward and believe the company is well positioned to capitalise on its enhanced future growth prospects as part of Brookfield Reinsurance.”

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Chilson has been serving as a Strategic Advisor since May and will report to Jessica Snyder, Argo’s President of U.S. Insurance.

This announcement follows the appointment of Rod Williams as Head of Contract Surety and Paul Drakontaidis as the Head of Commercial Surety announced earlier this month, who will both now report to Chilson.

Snyder commented on the appointment: “Greg joins the company with a tremendous amount of industry experience as we look to build on Argo Surety’s track record as a very profitable, growth-oriented business. Over the past few months, Greg has assisted us as we worked to implement our strategy to evolve the business, including the evaluation of Argo’s in-force portfolio, reviewing underwriting guidelines and providing guidance on organizational design.”

Previously, Chilson was at RLI Insurance Company where he led the surety business and held various roles during his 27-year tenure. He also served as controller at Underwriters Indemnity and in financial reporting at American General.

Snyder added on Chilson’s involvement with his team: “He was very much involved in building this leadership team. The quality of the team and the positive momentum we are seeing in this business is a testament to Greg’s leadership and promising future potential for Argo Surety.”

Williams is a market veteran with extensive experience in underwriting, financial analysis, management, strategic planning, training and development. Most recently, he served as Vice President and Director, Enterprise Risk Management at Markel Surety. Prior to that, he held similar roles at Liberty Mutual Surety, Safeco, and Aetna.

Drakontaidis is also a market expert with more than 17 years of experience in surety underwriting. Most recently, he served as Senior Regional Vice President-commercial surety bonds at Zurich Surety. Prior to that, he held similar roles at Liberty Mutual Surety, and Safeco.

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The Q2 2023 underwriting loss compares with a gain of $17.3 million a year earlier, as the loss ratio increased from 60.8% to 73.2%, driven by a slight rise in catastrophe losses to $3.1 million, and net adverse prior year reserve development of $26.4 million.

Last year, the loss ratio included cat losses of $2.5 million, and net adverse prior year reserve development of $16.3 million.

For Q2 2023, the company’s gross written premiums (GWP) saw a year-on-year decrease of 23.2%, standing at $561.9 million, compared to the $732.1 million for Q2 2022. The declines is attributed to the businesses the company has sold and exited.

The gross written premiums within the company’s ongoing business have also decreased by approximately 0.8% from the prior year’s second quarter.

Meanwhile, earned premiums are currently at $329.9 million, showing a decrease year over year from $124.4 million in Q2 2022, reflecting a 27.4% difference.

Although, Argo’s net investment income, which stands at $32.8 million for Q2 2023, has increased by $3.5 million or 11.9% from Q2 2022. The increase has been attributed to higher interest rates, partially offset by lower returns from alternative investments.

All in all, Argo has reported a net loss of $0.5 million in the second quarter of 2023, which is an improvement on the net loss of $18.9 million reported a year earlier. The Q2 2023 net loss included pre-tax net realized investment and other gains of $1.6 million, compared with pre-tax net realized investment and other losses of $40.4 million in Q2 2022.

Thomas A. Bradley., Argo’s Executive Chairman and Chief Executive Officer, commented, “Our second quarter performance further reflects the proactive steps we are taking to prioritize improving profitability. Our top-line results reflect our deliberate and disciplined actions in certain lines of business.

“However, we continue to achieve growth across the rest of the portfolio, notably in our environmental, inland marine and casualty segments. This is a testament to the importance of a diversified book of specialty businesses. We have remained focused on lowering expenses and reducing earnings volatility. The success of these efforts was demonstrated in the second quarter by further improvement in the expense ratio, and a low level of catastrophe losses, despite elevated industry catastrophe losses during the period.

“We also continue to collaborate closely with Brookfield Reinsurance on integration planning as we wait for the required regulatory approvals on the pending merger, and anticipate an orderly transition for our customers and business partners once the transaction is completed.”

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Through the partnership, Trisura will provide surety underwriting services, as well as other services to support Argo’s surety operations. Argo will retain surety claims management responsibilities.

According to the announcement, both companies intend to partner on and are actively negotiating appropriate terms related to shared surety and co-surety arrangements as well as fronting arrangements.

The terms of the agreement were not disclosed.

At the same time, and effective immediately, former RLI Surety leader Greg Chilson will join Argo in an advisory role.

In the role, Chilson will work directly with Argo Surety Interim Head, Steve Boughal in developing and executing the company’s surety business strategy. This includes the evaluation of its in-force portfolio, as well as reviewing underwriting guidelines, providing guidance on organisational design, and mentoring junior staff.

Boughal, commented: “We are thrilled to have Greg on the team as we look to build upon the great success of Argo’s surety business. Greg’s deep industry knowledge and experience will provide tremendous value to the organization.”

Additionally, Argo Group has also contracted with MacColl Strategic Advisors to provide strategic advice and counsel in regard to its surety operations.

Thomas A. Bradley, Argo Executive Chairman and Chief Executive Officer, said: “This partnership is an important step as we work to evolve Argo Surety. Trisura’s underwriting philosophy aligns with Argo Surety’s history of close partnerships, in-depth industry knowledge and commitment to creating specialty solutions for hard-to-place business. Through this partnership, we will build on our commitment to the surety business for our valuable broker partners while expanding our capacity for new business.”

Chris Sekine, President and CEO Trisura Canada, added: “Trisura is excited to partner with Argo to provide underwriting support and the same high level of service to Argo’s brokers and agents as they have come to expect from Argo.

“We are pleased to partner with Argo and believe the collaboration will expand support for both Argo and Trisura stakeholders. For Trisura’s North American surety platform, we are excited to continue negotiations to finalize terms to access Argo’s licensed and Treasury Listed paper in all U.S. jurisdictions and assess co-surety and shared surety opportunities together. The strategic partnership will advance both of our businesses across North America.”

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