In keeping with Argo, the decline in GWP was primarily because of companies it has exited. In the meantime, the web loss attributable to frequent shareholders within the fourth quarter included $11.5 million in overseas foreign money trade losses and $17.6 million of non-operating bills.

Transferring ahead, Argo is trying to leverage its simplified enterprise mannequin and strengthened steadiness sheet. Final month, the agency accomplished the sale of Argo Underwriting Company Restricted and Lloyd’s Syndicate 1200. The transfer was a part of Argo’s push to change into a pure-play US specialty insurer.

Bradley said: “2022 was a transformative 12 months for the corporate. The strategic actions we have now taken strengthened Argo and higher place it to ship sturdy returns shifting ahead.

“The Argo of at present is markedly totally different from the Argo of solely two years in the past. We have now streamlined the corporate to give attention to our most worthwhile enterprise traces, achieved focused expense reductions, and continued to de-risk the steadiness sheet. On the similar time, we have now remained nimble within the market – responding to the wants of consumers and enterprise companions.”

Enthusiastic about “our subsequent chapter as a part of Brookfield Reinsurance,” the CEO additionally thanked each the management group and Argo staff for his or her dedication over the previous 12 months through the now accomplished strategic alternate options evaluation of the enterprise.

Argo’s merger with Brookfield Reinsurance is anticipated to shut within the second half of the 12 months.