Glancy Prongay & Murray LLP reminds investors to loom

Glancy Prongay & Murray LLP reminds investors to loom


LOS ANGELES, Oct. 31, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of what’s to come December 19, 2022 Deadline for Filing a Complaint by Lead Plaintiff in the Class Action Complaint Filed on Behalf of Investors Argo Group International Holdings, Ltd. (“Argo” or the “Company”) (NYSE: ARGO) common shares between February 13, 2018 and August 9, 2022inclusive (the “Class Period”).

If you have suffered a loss on your Argo investments or would like to inquire about the possibility of making claims to recover your loss under the federal securities laws, you may submit your contact information at You can also contact GPM’s Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email at [email protected] to learn more about your rights.

On February 8, 2022, Argo issued a press release announcing that its fourth quarter 2021 results were “adversely impacted by the adverse development of reserves in the prior year and non-operating charges.” Specifically, Argo expects “an adverse development in reserves in the prior year to be in the range of $130 million to $140 million.” The company said the largest accrual increases were due to design defect claims within Argo’s US operations and accrual increases in the run-off segment.

On the news, Argo’s stock fell $7.11, or 13.7%, to close at $44.76 per share on February 9, 2022, hurting investors.

Then, on August 8, 2022, Argo announced that it had entered into a loss portfolio transfer agreement with a subsidiary of Enstar Group Limited (“Enstar”) under which Argo would retain a loss corridor of between US$75 million and US$821 million. One analyst noted that the company faces “additional uncertainties” as maintaining the loss corridor “could act as an overhang in the outlook for the next 12 to 24 months.”

Argo stock fell $9.12 on this news…

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