Bermudian-based Argo Group, recently purchased by Brookfield Insurance for $1.1 billion, has reported a full-year 2022 loss of $185.7 million, including a fourth-quarter loss of $111.8 million.

The full-year result compares with a loss of $3.8 million in 2021.

The fourth-quarter loss compares with a loss of $117.8 million in the prior year fourth quarter.

Argo executive chairman and chief executive Thomas A. Bradley said 2022 was “a transformative year for the company”.

He added: "The strategic actions we have taken strengthened Argo and better position it to deliver strong returns moving forward.

“The Argo of today is markedly different from the Argo of only two years ago. We have streamlined the company to focus on our most profitable business lines, achieved targeted expense reductions and continued to de-risk the balance sheet.”

“At the same time, we have remained nimble in the marketplace, responding to the needs of customers and business partners.

“We are excited about our next chapter as part of Brookfield Reinsurance. We believe the merger transaction that we announced on February 8 will enhance our opportunities for growth and scale Argo into a market-leading specialty insurer with capabilities across admitted and E&S markets.”

The company said gross written premiums for the year were $2.85 billion (2021: $3.18 billion).

Net written premiums were $1.74 billion (2021: $1.98 billion).

The combined ratio stayed constant over the two years at 105.6 per cent.

Book value per common share at December 31 was $31.06 (September 30: $33.72).

In addition to the sale to Brookfield, Argo in February completed the previously announced sale of Argo Underwriting Agency Limited and its Lloyd's Syndicate to Westfield.