# EDGAR Filing Document

**Accession Number:** 0001091748
**File Stem:** 0001628280-25-038938
**Filing Date:** 2025-8
**Character Count:** 205495
**Document Hash:** 9224098a2df1fddbfd029ef230b665d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-038938.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001628280-25-038938

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 117

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Argo Group International Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001091748
- **STANDARD INDUSTRIAL CLASSIFICATION:** TITLE INSURANCE [6361]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 980214719
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15259
- **FILM NUMBER:** 251194753

**BUSINESS ADDRESS:**
- **STREET 1:** 501 7TH AVENUE, 7TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 2103218400

**MAIL ADDRESS:**
- **STREET 1:** 501 7TH AVENUE, 7TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Argo Group International Holdings, Ltd.
- **DATE OF NAME CHANGE:** 20070807

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PXRE GROUP LTD
- **DATE OF NAME CHANGE:** 19990724

?xml version='1.0' encoding='ASCII'? argo-20250630

<u>[**Table of Contents**](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q** 

**(Mark One)**

☒ **Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**For the quarterly period ended June 30, 2025**

**or**

☐ **Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

**Commission file number: 1-15259** 

**ARGO GROUP INTERNATIONAL HOLDINGS, INC.** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **Delaware** | **98-0214719** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(State or other jurisdiction of<br>incorporation or organization)** | **(I.R.S. Employer<br>Identification Number)** |
| **501 7th Avenue 7th Floor** | **501 7th Avenue 7th Floor** | **501 7th Avenue 7th Floor** |
| **New York** | **10018** | **10018** |
| **New York** | **New York** | **New York** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Mailing address)** |

---

**(Registrant's telephone number, including area code): (210) 321-8400**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **6.500% Senior Notes due 2042 issued by Argo Group US, Inc. and The Guarantee With Respects Thereto** | **ARGD** | **New York Stock Exchange** |
| **Depositary Shares, Each Representing a 1/1000th Interest in 7.00% Resettable Fixed Rate Preferred Stock, Series A, Par Value $1.00 Per Share** | **ARGO/PA** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark whether the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock as of August 7, 2025.

As of August 7, 2025, the registrant had 13 shares of common stock outstanding.

Argo Group International Holdings, Inc. meets the conditions set forth in General Instruction H(1)(a) and (b) for Form 10-Q and therefore is filing

this Form 10-Q in the reduced disclosure format.

------

<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**ARGO GROUP INTERNATIONAL HOLDINGS, INC.**

**INDEX** 

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **<u>[PART I. Financial Information](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_10)</u> (unaudited)** | **<u>[PART I. Financial Information](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_10)</u> (unaudited)** | [3](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_10) |
| Item 1. | <u>[Condensed Consolidated Financial Statements](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_13)</u> | [3](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_13) |
|  | <u>[Condensed Consolidated Balance Sheets as of](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_16)[June](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_16)[3](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_16)[0](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_16)[, 2025 and December 31, 202](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_16)4</u> | [3](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_16) |
|  | <u>[Condensed Consolidated Statements of Income (Loss) for the three](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_19)[and six](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_19)[months ended](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_19)[June](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_19)[3](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_19)[0](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_19)[, 2025 and 2024](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_19)</u> | [4](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_19) |
|  | <u>[Condensed Consolidated Statements of Comprehensive Income (Loss) for the three](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_22)[and six](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_22)[months ended](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_22)[June](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_22)[3](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_22)[0](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_22)[, 2025 and 2024](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_22)</u> | [5](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_22) |
|  | <u>[Condensed Consolidated Statements of Stockholders' Equity for the three](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_25)[and six](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_25)[months ended](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_25)[June](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_25)[3](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_25)[0](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_25)[, 2025 and 2024](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_25)</u> | [6](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_25) |
|  | <u>[Condensed Consolidated Statements of Cash Flows for the](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_31)[six](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_31)[months ended](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_31)[June](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_31)[3](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_31)[0](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_31)[, 2025 and 2024](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_31)</u> | [8](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_31) |
|  | <u>[Notes to Condensed Consolidated Financial Statements](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_34)</u> | [9](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_34) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[1. Business and Significant Accounting Policies](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_37)</u> | [9](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_37) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[2. Recently Issued Accounting Pronouncements](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_40)</u> | [10](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_40) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[3. Investments](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_43)</u> | [10](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_43) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[4. Allowance for Credit Losses](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_82)</u> | [22](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_82) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[5. Reserves for Losses and Loss Adjustment Expenses](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_85)</u> | [23](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_85) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[6. Disclosures about Fair Value of Financial Instruments](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_88)</u> | [24](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_88) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[7. Stockholders' Equity](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_91)</u> | [25](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_91) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[8. Accumulated Other Comprehensive Income (Loss)](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_97)</u> | [25](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_97) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[9. Supplemental Cash Flow Information](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_100)</u> | [26](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_100) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[10. Underwriting, Acquisition and General Expenses](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_103)</u> | [26](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_103) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[11. Income Taxes](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_106)</u> | [27](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_106) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[12. Commitments and Contingencies](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_112)</u> | [28](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_112) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[13. Segment Information](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_115)</u> | [29](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_115) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[14. Related Party Transactions](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_118)</u> | [32](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_118) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[15. Subsequent Events](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_121)</u> | [33](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_121) |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_124)</u> | [33](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_124) |
| Item 3. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_169)</u> | [42](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_169) |
| Item 4. | <u>[Controls and Procedures](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_172)</u> | [44](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_172) |
| **<u>[PART II. Other Information](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_175)</u>** | **<u>[PART II. Other Information](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_175)</u>** | [44](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_175) |
| Item 1. | <u>[Legal Proceedings](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_178)</u> | [44](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_178) |
| Item 1A. | <u>[Risk Factors](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_181)</u> | [45](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_181) |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_184)</u> | [45](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_184) |
| Item 3. | <u>[Defaults Upon Senior Securities](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_187)</u> | [45](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_187) |
| Item 4. | <u>[Mine Safety Disclosures](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_190)</u> | [45](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_190) |
| Item 5. | <u>[Other Information](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_193)</u> | [45](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_193) |
| Item 6. | <u>[Exhibits](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_196)</u> | [46](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_196) |
|  | **<u>[Signatures](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_199)</u>** | [47](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_199) |

---

------

<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**PART I. FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements**

**ARGO GROUP INTERNATIONAL HOLDINGS, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(in millions, except number of shares and per share amounts)

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | (Unaudited) | |
| **Assets** |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities available-for-sale, at fair value (cost: $1,696.9 and $2,032.9, respectively; allowance for expected credit losses: $0.6 and $0.9, respectively) | $1750.7 | $2068.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans (cost: $224.0 and $210.1, respectively; allowance for expected credit losses: $1.8 and $1.2, respectively) | 224.2 | 208.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private loans (cost: $627.8 and $577.3, respectively; allowance for expected credit losses: $7.5 and $4.4, respectively) | 621.0 | 572.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at fair value (cost: $459.0 and $396.3, respectively) | 534.8 | 413.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments (cost: $572.2 and $577.4, respectively) | 572.2 | 577.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, at fair value (cost: $203.7 and $254.1, respectively) | 203.7 | 254.4 |
| Total investments | 3906.6 | 4094.8 |
| Cash, restricted cash and cash equivalents | 937.7 | 644.4 |
| Accrued investment income | 22.6 | 18.6 |
| Premiums receivable | 215.3 | 179.5 |
| Reinsurance recoverables | 2856.2 | 3053.2 |
| Other intangible assets, net of accumulated amortization | 119.5 | 139.3 |
| Current income taxes receivable, net | 21.6 | 21.6 |
| Deferred tax asset, net | 63.9 | 91.5 |
| Deferred acquisition costs, net | 66.4 | 52.1 |
| Ceded unearned premiums | 301.7 | 357.8 |
| Operating lease right-of-use assets | 46.5 | 47.6 |
| Other assets | 173.5 | 166.3 |
| Value of business acquired, net of accumulated amortization | 8.2 | 12.9 |
| **Total assets** | $8739.7 | $8879.6 |
| &nbsp;&nbsp;**Liabilities and Stockholders' Equity** |  |  |
| Reserves for losses and loss adjustment expenses | $5609.4 | $5798.6 |
| Unearned premiums | 735.6 | 798.8 |
| Accrued underwriting expenses and other liabilities | 101.9 | 54.3 |
| Ceded reinsurance payable, net | 131.7 | 158.7 |
| Funds held | 43.9 | 44.6 |
| Senior unsecured fixed rate notes | 129.3 | 128.8 |
| Junior subordinated debentures | 244.1 | 243.2 |
| Operating lease liabilities | 48.0 | 49.1 |
| **Total liabilities** | 7043.9 | 7276.1 |
| Commitments and contingencies (Note 12) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Series A Preferred stock and additional paid-in capital ($1.00 par; 10,000 shares authorized; 6,000 shares issued; liquidation preference $25,000) | 137.1 | 137.1 |
| &nbsp;&nbsp;&nbsp;Common stock ($0.01 par; 1,000 shares authorized; 13 shares issued) |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1592.4 | 1592.4 |
| &nbsp;&nbsp;&nbsp;Retained earnings (Accumulated deficit) | (74.0) | (157.7) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income, net of taxes | 40.3 | 31.7 |
| **Total stockholders' equity** | 1695.8 | 1603.5 |
| **Total liabilities and stockholders' equity** | $8739.7 | $8879.6 |

---

*See accompanying notes.*

------

<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**ARGO GROUP INTERNATIONAL HOLDINGS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)**

(in millions, except number of shares and per share amounts)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Premiums and other revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earned premiums | $229.7 | $289.9 | $439.7 | $603.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 69.4 | 66.0 | 128.5 | 124.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment and other gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized investment and other gains (losses) | (8.6) | (1.6) | (11.4) | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value recognized | 48.1 | 26.4 | 62.4 | 26.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in allowance for credit losses | (2.1) |  | (3.9) | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net investment and other gains (losses) | 37.4 | 24.8 | 47.1 | 31.0 |
| Total revenue | 336.5 | 380.7 | 615.3 | 759.4 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses and loss adjustment expenses | 156.1 | 226.7 | 304.2 | 446.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting, acquisition and general expenses | 87.4 | 116.8 | 168.0 | 233.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses | 3.7 | 5.2 | 9.3 | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 8.4 | 11.1 | 17.0 | 19.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee and other expense (income), net | (0.4) | (0.1) | (0.4) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange (gains) losses | 2.0 | 2.7 | (0.6) | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets | 4.5 |  | 4.5 |  |
| Total expenses | 261.7 | 362.4 | 502.0 | 713.9 |
| Income (loss) before income taxes | 74.8 | 18.3 | 113.3 | 45.5 |
| Income tax provision (benefit) | 16.0 | 5.6 | 24.3 | 7.2 |
| Net income (loss) | $58.8 | $12.7 | $89.0 | $38.3 |
| Dividends on Series A Preferred stock | 2.7 | 2.7 | 5.3 | 5.3 |
| Net income (loss) attributable to common stockholder(s) | $56.1 | $10.0 | $83.7 | $33.0 |

---

*See accompanying notes.*

------

<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**ARGO GROUP INTERNATIONAL HOLDINGS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

(in millions)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $58.8 | $12.7 | $89 | $38.3 |
| Other comprehensive income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (0.2) |  | (0.1) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains (losses) arising during the period | 5.1 | (11.4) | 15.0 | (25.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for losses (gains) included in net income (loss) | (0.3) | 0.1 | 1.0 | (6.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedge instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedge unrealized gains (losses) | (2.7) |  | (4.7) |  |
| Other comprehensive income (loss) before tax | 1.9 | (11.3) | 11.2 | (31.7) |
| Income tax provision (benefit) related to other comprehensive income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains (losses) arising during the period | 1.3 | (2.4) | 3.4 | (5.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for (gains) losses included in net income | (0.1) |  | 0.2 | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedge unrealized gains (losses) | (0.6) |  | (1.0) |  |
| Income tax provision (benefit) related to other comprehensive income (loss) | 0.6 | (2.4) | 2.6 | (6.8) |
| Other comprehensive income (loss), net of tax | 1.3 | (8.9) | 8.6 | (24.9) |
| Comprehensive income (loss) | $60.1 | $3.8 | $97.6 | $13.4 |

---

*See accompanying notes.*

------

<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**ARGO GROUP INTERNATIONAL HOLDINGS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

(in millions, except number of shares and per share amounts)

(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock and Additional Paid-in Capital** | **Common<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Retained<br>Earnings (Accumulated deficit)** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Stockholders'<br>Equity** |
| **Balance, March 31, 2025** | $137.1 | $— | $1592.4 | $(130.1) | $39.0 | $1638.4 |
| Net income (loss) |  |  |  | 58.8 |  | 58.8 |
| Other comprehensive income - change in fair value of fixed maturities and hedge instruments, net of taxes |  |  |  |  | 1.5 | 1.5 |
| Other comprehensive loss, net of tax |  |  |  |  | (0.2) | (0.2) |
| Dividends on Series A Preferred stock |  |  |  | (2.7) |  | (2.7) |
| **Balance, June 30, 2025** | $137.1 | $— | $1592.4 | $(74.0) | $40.3 | $1695.8 |
|  | **Preferred Stock and Additional Paid-in Capital** | **Common<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Stockholders'<br>Equity** |
| **Balance, March 31, 2024** | $137.1 | $1156.6 | $51.1 | $23.9 | $35.8 | $1404.5 |
| Net income (loss) |  |  |  | 12.7 |  | 12.7 |
| Other comprehensive loss - change in fair value of fixed maturities, net of taxes |  |  |  |  | (8.9) | (8.9) |
| Dividends on Series A Preferred stock |  |  |  | (2.7) |  | (2.7) |
| Issuance of common stock |  | 100.0 |  |  |  | 100.0 |
| **Balance, June 30, 2024** | $137.1 | $1256.6 | $51.1 | $33.9 | $26.9 | $1505.6 |

---

*See accompanying notes.*

------

<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock and Additional Paid-in Capital** | **Common<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Retained<br>Earnings (Accumulated deficit)** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Stockholders'<br>Equity** |
| **Balance, December 31, 2024** | $137.1 | $— | $1592.4 | $(157.7) | $31.7 | $1603.5 |
| Net income (loss) |  |  |  | 89.0 |  | 89.0 |
| Other comprehensive income - change in fair value of fixed maturities and hedge instruments, net of taxes |  |  |  |  | 8.7 | 8.7 |
| Other comprehensive loss, net of tax |  |  |  |  | (0.1) | (0.1) |
| Dividends on Series A Preferred stock |  |  |  | (5.3) |  | (5.3) |
| **Balance, June 30, 2025** | $137.1 | $— | $1592.4 | $(74.0) | $40.3 | $1695.8 |
|  | **Preferred Stock and Additional Paid-in Capital** | **Common<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Stockholders'<br>Equity** |
| **Balance, December 31, 2023** | $137.1 | $1056.6 | $51.1 | $0.9 | $51.8 | $1297.5 |
| Net income (loss) |  |  |  | 38.3 |  | 38.3 |
| Other comprehensive income - change in fair value of fixed maturities, net of taxes |  |  |  |  | (24.8) | (24.8) |
| Other comprehensive income (loss), net of tax |  |  |  |  | (0.1) | (0.1) |
| Dividends on Series A Preferred stock |  |  |  | (5.3) |  | (5.3) |
| Issuance of common stock |  | 200.0 |  |  |  | 200.0 |
| **Balance, June 30, 2024** | $137.1 | $1256.6 | $51.1 | $33.9 | $26.9 | $1505.6 |

---

*See accompanying notes.*

------

<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**ARGO GROUP INTERNATIONAL HOLDINGS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(in millions)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| | **2025** | **2024** |
| Cash flows provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $89.0 | $38.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation | 23.4 | 92.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit), net | 24.0 | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment and other (gains) losses | (47.1) | (31.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed earnings from alternative investment portfolio | (14.2) | (11.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange (gains) losses | (0.6) | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets | 4.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | (4.0) | (2.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | 161.2 | (52.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | (14.3) | (42.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceded unearned premiums | 56.1 | (22.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserves for losses and loss adjustment expenses | (188.6) | 61.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums | (63.2) | (53.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceded reinsurance payable and funds held | (27.7) | 10.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes |  | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued underwriting expenses and other liabilities | 47.6 | (6.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (51.7) | (68.1) |
| Cash provided by (used in) operating activities | (5.6) | (80.2) |
| Cash flows provided by (used in) investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of fixed maturity investments | 139.4 | 107.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities and mandatory calls of fixed maturity investments | 300.2 | 278.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from mortgage loans | 42.8 | 19.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from private loan investments | 56.8 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of equity securities | 0.7 | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of short-term investments | 599.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of other investments | 49.5 | 47.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of fixed maturity investments | (74.6) | (205.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of mortgage loans | (10.1) | (102.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of private loan investments | (113.0) | (204.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of equity securities | (62.8) | (20.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of short-term investments | (587.4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of other investments | (32.6) | (14.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in short-term investments |  | (343.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlements of foreign currency exchange forward contracts |  | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of fixed assets, net | (4.2) |  |
| Cash provided by (used in) investing activities | 304.2 | (430.6) |
| Cash flows provided by (used in) financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt borrowings |  | 100.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of debt |  | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock |  | 200.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of cash dividends to preferred stockholders | (5.3) | (5.3) |
| Cash provided by (used in) financing activities | (5.3) | 194.7 |
| Net change in cash and restricted cash including balances classified as held-for-sale | 293.3 | (316.1) |
| Cash, restricted cash, and cash equivalents, beginning of period | 644.4 | 791.6 |
| Cash, restricted cash, and cash equivalents, end of period | $937.7 | $475.5 |

---

*See accompanying notes.*

------

<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**ARGO GROUP INTERNATIONAL HOLDINGS, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**1.&nbsp;&nbsp;&nbsp;&nbsp;Business and Significant Accounting Policies**

The accompanying Condensed Consolidated Financial Statements of Argo Group International Holdings, Inc. and its subsidiaries ("Argo Group," "we," "us," "our" or the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Argo Group is an underwriter of specialty insurance products in the property and casualty market.

On November 16, 2023, we merged with Brookfield Wealth Solutions Ltd. (formerly known as Brookfield Reinsurance Ltd.), which resulted in a change to the Company's ownership (the "Merger"). As a result of the Merger, and overall strategic shift, the Company changed its internal segments in a manner that caused the composition of its reporting segments to change in the fourth quarter of 2024. The Company's reporting segments were realigned to three reportable segments—Casualty Lines, Specialty Lines, and Run-off Lines. Previously, the Company reported its operations under U.S Operations, International Operations and Run-off Lines, which primarily consisted of other liability policies that were issued in the 1960s, 1970s and into the 1980s, as well as the former risk-management business. For additional segment information, refer to Note 13, "Segment Information." The Company has recast all applicable periods for comparability.

The preparation of interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The major estimates reflected in our Condensed Consolidated Financial Statements include, but are not limited to, reserves for losses and loss adjustment expenses; reinsurance recoverables, including the reinsurance recoverables allowance for expected credit losses; fair value of investments and assessment of potential impairment, including the allowance for credit losses on fixed maturity securities; valuation of intangibles, including those identified as part of purchase accounting related to the Merger, and our deferred tax asset valuation allowance. Actual results could materially differ from those estimates. Certain financial information that is normally included in annual Condensed Consolidated Financial Statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Condensed Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission ("SEC") (the "2024 Form 10-K").

The interim financial information as of, and for the three and six months ended, June 30, 2025 and 2024 is unaudited. However, in the opinion of management, the interim information includes all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results presented for the interim periods. The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. All material intercompany amounts have been eliminated in consolidation. Certain reclassifications have been made to financial information presented for prior years to conform to the current year's presentation.

***Argo Pro***

In January 2025, certain subsidiaries of the Company entered into a Business Transfer Agreement, as amended and restated, with Core Specialty Insurance Holdings, Inc. ("Core") and a Renewal Rights Agreement with Westfield Insurance Company, Westfield National Insurance Company, Westfield Select Insurance Company and Westfield Specialty Insurance Company (collectively, "Westfield", and together with Core, collectively, the "Purchasers"), whereby the Purchasers purchased the renewal rights and related unearned premium reserves of the Company's professional lines businesses. The Company entered into the transaction to align with strategic goals and continue to serve our broker partners through growth across other lines of business.

***Argonaut Great Central Insurance Company and Argonaut Insurance Company Merger***

On April 30, 2025, Argonaut Great Central Insurance Company merged with and into its direct parent, Argonaut Insurance Company ("AIC"), with AIC being the sole surviving entity. This transaction is part of a reorganization of affiliated companies that are wholly-owned by the Company and by our ultimate parent, Brookfield Wealth Solutions Ltd. This transaction resulted in a $4.5 million intangible asset impairment due to the write-off of licenses of the non-surviving entity.

------

<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**2.&nbsp;&nbsp;&nbsp;&nbsp;Recently Issued Accounting Pronouncements**

On December 14, 2023, the FASB issued Accounting Standards Update 2023-09—*Income Taxes (Topic 740): Improvements to Income Tax Disclosures*. The amendments improve income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024.

We are currently evaluating the requirements of ASU 2023-09. However, as they apply to disclosure requirements, the adoption of the standard is not anticipated to have a material impact on our profitability, financial position or cash flows.

On November 4, 2024, the FASB issued Accounting Standards Update 2024-03—*Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.* Disaggregation of income statement expenses is to improve interim and annual disclosures about a public business entity's expenses by requiring more detailed information in the notes to the financial statements about certain expense categories, including purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. The Company is assessing the impact to our financial statements.

 **3.&nbsp;&nbsp;&nbsp;&nbsp;Investments**

***Fixed Maturities***

The amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses, and fair value of fixed maturity investments were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | | | | | |
| (in millions) | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Allowance for Credit Losses** | **Fair<br>Value** |
| Fixed maturities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Governments | $209.5 | $3.1 | $0.2 | $— | $212.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Governments | 4.1 | 0.1 |  |  | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 58.6 | 2.0 |  |  | 60.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 771.6 | 25.4 | 1.4 | 0.6 | 795.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 291.4 | 13.8 | 0.2 |  | 305.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 191.9 | 5.1 |  |  | 197.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 93.0 | 2.3 | 0.2 |  | 95.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized loan obligations | 76.8 | 4.7 | 0.1 |  | 81.4 |
| Total fixed maturities | $1696.9 | $56.5 | $2.1 | $0.6 | $1750.7 |

---

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | | | | | |
| (in millions) | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Allowance for Credit Losses** | **Fair<br>Value** |
| Fixed maturities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Governments | $222.3 | $1.5 | $0.6 | $— | $223.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Governments | 7.1 |  |  |  | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 80.1 | 1.6 |  |  | 81.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 1033.5 | 19.4 | 1.3 | 0.9 | 1050.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 276.6 | 10.0 | 0.3 |  | 286.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 201.0 | 2.8 | 0.6 |  | 203.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 104.9 | 2.6 | 0.1 |  | 107.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized loan obligations | 107.4 | 2.1 | 0.2 |  | 109.3 |
| Total fixed maturities | $2032.9 | $40.0 | $3.1 | $0.9 | $2068.9 |

---

***Contractual Maturity***

The amortized cost and fair values of fixed maturity investments as of June 30, 2025, by contractual maturity, were as follows:

---

| | | |
|:---|:---|:---|
| (in millions) | **Amortized<br>Cost** | **Fair<br>Value** |
| Due in one year or less | $208.8 | $210.6 |
| Due after one year through five years | 696.7 | 713.7 |
| Due after five years through ten years | 118.5 | 126.0 |
| Due after ten years | 19.8 | 21.9 |
| Structured securities | 653.1 | 678.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1696.9 | $1750.7 |

---

The actual maturities may differ from the contractual maturities because debtors may have the right to call or prepay obligations.

***Other Investments***

Details regarding the carrying value and unfunded investment commitments of *Other investments* as of June 30, 2025 and December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| (in millions) | **Carrying<br>Value** | **Unfunded<br>Commitments** | **Carrying<br>Value** | **Unfunded<br>Commitments** |
| **Investment type** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedge funds | $23.8 | $— | $27.5 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Private equity | 251.2 | 165.9 | 262.4 | 214.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate equity investments | 287.6 | 5.3 | 282.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 9.6 |  | 4.9 | 6.8 |
| **Total other investments** | $572.2 | $171.2 | $577.4 | $220.9 |

---

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

The following describes each investment type:

&nbsp;&nbsp;&nbsp;&nbsp;• **Hedge funds:** Hedge funds, carried at net asset value ("NAV") as a practical expedient of fair value, include funds that primarily buy and sell stocks, including short sales, multi-strategy credit, relative value credit and distressed credit.

&nbsp;&nbsp;&nbsp;&nbsp;• **Private equity:** Private equity includes limited partnership investments accounted for in accordance with the equity method of accounting and whose strategies include: buyout funds, real asset/infrastructure funds, credit special situations funds, mezzanine lending funds and direct investments and strategic non-controlling minority investments in private companies.

&nbsp;&nbsp;&nbsp;&nbsp;• **Real estate equity investments:** Includes equity interests with underlying real estate investments accounted for in accordance with the equity method of accounting or at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• **Other:** Other primarily includes equity investments accounted for in accordance with the equity method of accounting and investments for which the Company has elected the fair value option of accounting.

***Unrealized Losses and Other-than-temporary Impairments***

An aging of unrealized losses on our investments in fixed maturities is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Less Than One Year** | **Less Than One Year** | **One Year or Greater** | **One Year or Greater** | **Total** | **Total** |
| (in millions) | **Fair**<br>**Value** <sup>(1)</sup> | **Unrealized<br>Losses** | **Fair**<br>**Value** <sup>(1)</sup> | **Unrealized<br>Losses** | **Fair**<br>**Value** <sup>(1)</sup> | **Unrealized<br>Losses** |
| Fixed maturities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Governments | $17.9 | $0.2 | $— | $— | $17.9 | $0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 17.7 | 0.9 | 8.1 | 0.5 | 25.8 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 9.1 | 0.1 | 6.7 | 0.1 | 15.8 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 23.1 | 0.2 |  |  | 23.1 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized loan obligations | 0.8 | 0.1 |  |  | 0.8 | 0.1 |
| Total fixed maturities | $68.6 | $1.5 | $14.8 | $0.6 | $83.4 | $2.1 |

---

<sup>(1)</sup> The fair values associated with unrealized losses less than $0.1 are not presented in the table above.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Less Than One Year** | **Less Than One Year** | **One Year or Greater** | **One Year or Greater** | **Total** | **Total** |
| (in millions) | **Fair**<br>**Value** <sup>(1)</sup> | **Unrealized<br>Losses** | **Fair<br>Value** | **Unrealized<br>Losses** | **Fair**<br>**Value** <sup>(1)</sup> | **Unrealized<br>Losses** |
| Fixed maturities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Governments | $17.4 | $0.6 | $— | $— | $17.4 | $0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 19.6 | 1.2 | 1.7 | 0.1 | 21.3 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 9.7 | 0.1 | 8.0 | 0.2 | 17.7 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 48.9 | 0.6 |  |  | 48.9 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 9.9 | 0.1 |  |  | 9.9 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized loan obligations | 11.5 | 0.2 |  |  | 11.5 | 0.2 |
| Total fixed maturities | $117.0 | $2.8 | $9.7 | $0.3 | $126.7 | $3.1 |

---

<sup>(1)</sup> The fair values associated with unrealized losses less than $0.1 are not presented in the table above.

The Company holds a total of 879 fixed maturity securities, of which 38 were in an unrealized loss position for less than one year and 7 were in an unrealized loss position for a period of one year or greater as of June 30, 2025. The unrealized losses as of June 30, 2025 are primarily driven by interest rate movements.

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

***Allowance for Credit Losses***

For fixed maturities with a decline in fair value below the amortized cost due to credit-related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to *Net investment and other gains (losses)* in the Condensed Consolidated Statements of Income (Loss). The allowance is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit-related factors is recognized in the Condensed Consolidated Statements of Comprehensive Income (Loss). Accrued interest is excluded from the measurement of the allowance for credit losses.

When determining if a credit loss has been incurred, we may consider the historical performance of the security, available market information and security specific considerations such as the priority payment of the security. In addition, inputs used in our analysis include, but are not limited to, credit ratings and downgrades, delinquency rates, missed scheduled interest or principal payments, purchase yields, underlying asset performance, collateral types, modeled default rates, modeled severity rates, call/prepayment rates, expected cash flows, industry concentrations, and potential or filed bankruptcies or restructurings.

In cooperation with our investment managers, we evaluate for credit losses each quarter utilizing a bottom up review approach. At the security level, a determination is made as to whether a decline in fair value below the amortized cost basis is due to credit-related or noncredit-related factors. If we determine that all or a portion of a fixed maturity is uncollectible, the uncollectible amortized cost is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized in *Net investment and other gains (losses)*. We also consider whether we intend to sell an available-for-sale security or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost. In these instances, a decline in fair value is recognized in *Net investment and other gains (losses)* in the Condensed Consolidated Statements of Income (Loss) based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security.

The following table presents a roll-forward of the changes in allowance for credit losses on available-for-sale fixed maturities by industry category for the three and six months ended June 30, 2025 and 2024, respectively:

---

| | | | |
|:---|:---|:---|:---|
| (in millions) | **Corporate bonds** | **Asset backed securities** | **Total** |
| Ending balance, March 31, 2025 | $1.1 | $0.1 | $1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities for which allowance was not previously recorded | 0.1 |  | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reductions for credit impairments | (0.3) |  | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional net increases (decreases) in existing allowance | (0.3) | (0.1) | (0.4) |
| Ending balance, June 30, 2025 | $0.6 | $— | $0.6 |

---

---

| | |
|:---|:---|
| (in millions) | **Corporate bonds** |
| Ending balance, March 31, 2024 | $0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities for which allowance was not previously recorded | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional net increases (decreases) in existing allowance | 0.1 |
| Ending balance, June 30, 2024 | $0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| (in millions) | **Corporate bonds** | **Asset backed securities** | **Total** |
| Ending balance, December 31, 2024 | $0.9 | $— | $0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities for which allowance was not previously recorded | 0.2 | 0.1 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reductions for credit impairments | (0.3) |  | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional net increases (decreases) in existing allowance | (0.2) | (0.1) | (0.3) |
| Ending balance, June 30, 2025 | $0.6 | $— | $0.6 |

---

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

---

| | | | |
|:---|:---|:---|:---|
| (in millions) | **Foreign Governments** | **Corporate bonds** | **Total** |
| Ending balance, December 31, 2023 | $0.2 | $— | $0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities for which allowance was not previously recorded |  | 0.3 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional net increases (decreases) in existing allowance | (0.2) | 0.2 |  |
| Ending balance, June 30, 2024 | $— | $0.5 | $0.5 |

---

For mortgage and private loans an allowance for credit losses is established at the time of origination or purchase, as necessary, and is updated each reporting period. Changes in the allowance for credit losses are recorded in *Net investment and other gains (losses)*. This allowance reflects the risk of loss, even when that risk is remote, that is expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. For the three and six months ended June 30, 2025, the Company recognized $0.5 million and $0.5 million of additional mortgage loan allowances and $1.6 million and $3.1 million of additional private loan allowances, respectively.

***Mortgage Loans***

Mortgage loan investments are composed of participation interests in a portfolio of commercial and residential mortgage loans. Loan collateral is diversified with regard to property type and geography. The following table presents loans by property type:

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| (in millions) | **Cost** | **Composition** | **Loan Count** |
| Residential | $20.0 | 8.9% | 4 |
| Apartments | 94.8 | 42.3% | 10 |
| Hotel | 12.7 | 5.7% | 1 |
| Industrial | 32.7 | 14.6% | 2 |
| Office | 44.4 | 19.8% | 4 |
| Retail | 19.4 | 8.7% | 2 |
| &nbsp;&nbsp;Total | $224.0 | 100.0% | 23 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| (in millions) | **Cost** | **Composition** | **Loan Count** |
| Apartments | $82.5 | 39.3% | 10 |
| Hotel | 12.6 | 6.0% | 1 |
| Industrial | 69.2 | 32.9% | 3 |
| Office | 26.0 | 12.4% | 1 |
| Retail | 19.8 | 9.4% | 2 |
| &nbsp;&nbsp;Total | $210.1 | 100.0% | 17 |

---

The following table presents our loans by Debt Service Coverage Ratio ("DSCR"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| (in millions) | **Cost** | **Loan Count** | **Cost** | **Loan Count** |
| Less than 1.00 | $37.3 | 4 | $12.2 | 3 |
| 1.00 to 1.50 | 65.5 | 8 | 37.1 | 4 |
| Greater than 1.5 to 2.0 | 67.7 | 5 | 135.7 | 8 |
| Greater than 2.0 to 3.0 | 33.5 | 2 | 12.6 | 1 |
| &nbsp;&nbsp;Total | $204.0 | 19 | $197.6 | 16 |

---

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

DSCR does not include residential mortgage loans, which are included within Apartments property type.

The following table presents loans by Loan To Value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| (in millions) | **Cost** | **Loan Count** | **Cost** | **Loan Count** |
| Equal to or less than 50.0% | $40.8 | 5 | $1.7 | 2 |
| Greater than 50.0% to 55.0% | 1.7 | 1 | 43.2 | 1 |
| Greater than 55.0% to 60.0% | 0.2 | 1 | 12.4 | 1 |
| Greater than 60.0% to 70.0% | 112.6 | 9 | 47.6 | 4 |
| Greater than 70.0% | 68.7 | 7 | 105.2 | 9 |
| &nbsp;&nbsp;Total | $224.0 | 23 | $210.1 | 17 |

---

The following table presents loans by maturity:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| (in millions) | **Cost** | **Loan Count** | **Cost** | **Loan Count** |
| One year or less | $95.8 | 8 | $34.9 | 3 |
| Greater than one year and less than three years | 48.2 | 5 | 103.5 | 7 |
| Greater than three years and less than five years | 18.0 | 2 | 17.7 | 2 |
| Greater than five years and less than seven years | 42.0 | 4 |  | 0 |
| Greater than seven years and less than ten years | 20.0 | 4 | 54.0 | 5 |
| &nbsp;&nbsp;Total | $224.0 | 23 | $210.1 | 17 |

---

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

***Investment and Other Gains and Losses***

The following table presents our gross realized investment gains and losses:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended<br>June 30,** | **For the Three Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
| (in millions) | **2025** | **2024** | **2025** | **2024** |
| Realized gains on fixed maturities and other: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities | $0.3 | $0.7 | $2.5 | $7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments, including short-term investments | 6.5 | 1.1 | 8.1 | 3.7 |
| Total realized gains on fixed maturities and other | 6.8 | 1.8 | 10.6 | 11.2 |
| Realized losses on fixed maturities and other: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities | (3.2) | (0.3) | (3.5) | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments, including short-term investments | (10.7) | (2.2) | (14.8) | (5.0) |
| Total realized losses on fixed maturities and other | (13.9) | (2.5) | (18.3) | (5.6) |
| Other net losses recognized on fixed maturities and other: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit losses on fixed maturities | 0.6 |  | 0.3 | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment related to change in intent | (1.2) |  | (1.4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (1.6) | (2.3) | (4.1) | (2.3) |
| Total other net losses recognized on fixed maturities and other | (2.2) | (2.3) | (5.2) | (2.8) |
| Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on equity securities |  | (0.9) |  | (0.5) |
| &nbsp;&nbsp;&nbsp;Change in unrealized gains (losses) on equity securities held at the end of the period | 46.7 | 28.7 | 60.0 | 28.7 |
| Net gains (losses) on equity securities | 46.7 | 27.8 | 60.0 | 28.2 |
| Net investment and other gains (losses) before income taxes | 37.4 | 24.8 | 47.1 | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) provision | 7.9 | 4.8 | 9.9 | 6.4 |
| Net investment and other gains (losses), net of income taxes | $29.5 | $20.0 | $37.2 | $24.6 |

---

The cost of securities sold is based on the specific identification method.

Changes in unrealized gains (losses) related to fixed maturity investments are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended<br>June 30,** | **For the Three Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
| (in millions) | **2025** | **2024** | **2025** | **2024** |
| Change in unrealized gains (losses) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities | $4.8 | $(11.4) | $16.3 | $(31.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other and short-term investments |  | 0.1 | (0.3) | (0.4) |
| Net unrealized investment gains (losses) before income taxes | 4.8 | (11.3) | 16.0 | (31.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) | 1.2 | (2.4) | 3.6 | (6.8) |
| Net unrealized investment gains (losses), net of income taxes | $3.6 | $(8.9) | $12.4 | $(24.8) |

---

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

***Foreign Currency Exchange Forward Contracts***

We entered into foreign currency exchange forward contracts primarily to manage currency exposure from our non-USD insurance operations. The currency forward contracts were carried at fair value in our Condensed Consolidated Balance Sheets in *Accrued underwriting expenses and other liabilities* and *Other assets* as of June 30, 2025 and December 31, 2024, respectively. The net realized gains and (losses) are included in *Net realized investment and other gains (losses)* in our Condensed Consolidated Statements of Income (Loss).

The fair value of our foreign currency exchange forward contracts as of June 30, 2025 and December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| (in millions) | **Notional Amount** | **Fair Value** | **Notional Amount** | **Fair Value** |
| Asset manager investment exposure |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Open contracts in a gain position | $— | $— | $151.0 | $2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Open contracts in a loss position | 162.9 | (14.1) |  |  |
| Net open contracts for asset manager investment exposure |  | $(14.1) |  | $2.7 |

---

The following table presents our gross realized investment gains and losses on our foreign currency exchange forward contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended<br>June 30,** | **For the Three Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
| (in millions) | **2025** | **2024** | **2025** | **2024** |
| Realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operational currency exposure | $— | $1.6 | $— | $2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset manager investment exposure |  |  |  | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross realized investment gains |  | 1.6 |  | 3.0 |
| Realized losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operational currency exposure |  | (1.0) |  | (3.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset manager investment exposure | (8.7) | (1.0) | (12.8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross realized investment losses | (8.7) | (2.0) | (12.8) | (3.6) |
| Net realized investment (losses) gains on foreign currency exchange forward contracts | $(8.7) | $(0.4) | $(12.8) | $(0.6) |

---

***Regulatory Deposits, Pledged Securities and Letters of Credit***

We are required to maintain assets on deposit with various regulatory authorities to support our insurance and reinsurance operations. We maintain assets pledged as collateral in support of irrevocable letters of credit issued under the terms of certain reinsurance agreements for loss and loss expense reserves. The following table presents our components of restricted investments:

---

| | | |
|:---|:---|:---|
| (in millions) | **June 30, 2025** | **December 31, 2024** |
| Securities and cash on deposit for regulatory and other purposes | $157.8 | $180.1 |
| Securities and cash pledged as collateral for letters of credit | 37.3 | 40.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total restricted investments | $195.1 | $220.2 |

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

***Fair Value Measurements***

Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability, or in the absence of a principal market, the most advantageous market. Market participants are buyers and sellers in the principal (or most advantageous) market that are independent, knowledgeable, able to transact for the asset or liability and willing to transfer the asset or liability.

Valuation techniques consistent with the market approach, income approach and/or cost approach are used to measure fair value. The inputs of these valuation techniques are categorized into three levels.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed at the reporting date. We define actively traded as a security that has traded in the past seven days.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. We receive one quote per instrument for Level 2 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs are unobservable inputs. Unobservable inputs reflect our own judgments about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. Significant increases (decreases) in those inputs in isolation could result in a significantly lower (higher) fair value measurement.

To validate the fair value of investments in the Company's Condensed Consolidated Financial Statements, we receive prices from multiple sources including third-party pricing services and our outside investment managers. Through a comparative analysis, the Company validates the reasonableness of its valuations. These prices are determined using observable market information such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security's terms and conditions, among other things. We have reviewed the processes used by the third-party providers for pricing the securities and have determined that these processes result in fair values consistent with GAAP requirements. In addition, we review these prices for reasonableness, and have not adjusted any prices received from the third-party providers as of June 30, 2025 and December 31, 2024. A description of the valuation techniques we use to measure assets at fair value is as follows:

*Fixed Maturities (Available-for-Sale) Levels 1 and 2:*

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury securities are typically valued using Level 1 inputs. For these securities, we obtain fair value measurements from third-party pricing services using quoted prices (unadjusted) in active markets at the reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Government agencies, non-U.S. Government securities, obligations of states and political subdivisions, credit securities and foreign denominated government and credit securities are reported at fair value using Level 2 inputs. For these securities, we obtain fair value measurements from third-party pricing services. Observable data may include dealer quotes, market spreads, yield curves, live trading levels, trade execution data, credit information and the security's terms and conditions, among other things.

&nbsp;&nbsp;&nbsp;&nbsp;• Asset and mortgage-backed securities and collateralized loan obligations are reported at fair value using Level 2 inputs. For these securities, we obtain fair value measurements from third-party pricing services. Observable data may include dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security's terms and conditions, among other things.

*Fixed Maturities (Available-for-Sale) Level 3:* We own term loans and asset-back securities that are valued using unobservable inputs.

*Equity Securities Level 1:* For these securities, we obtain fair value measurements from a third-party pricing service using quoted prices (unadjusted) in active markets at the reporting date.

*Equity Securities Level 3:* We own certain equity securities that are reported at fair value using Level 3 inputs. The valuation techniques for these securities include the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Fair value measurements for an investment in an equity fund obtained by applying final prices provided by the administrator of the fund, which is based upon certain estimates and assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;• Fair value measurements from brokers and independent valuation services, both based upon estimates, assumptions and other unobservable inputs.

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

*Short-term Investments:* Short-term investments are principally reported at fair value using Level 1 inputs, with the exception of short-term corporate and governmental bonds reported at fair value using Level 2 inputs as described in the fixed maturities section above. Values for the investments categorized as Level 1 are obtained from various financial institutions as of the reporting date.

*Other Investments:* Other investments include private securities for which we have elected the fair value option of accounting, and are valued using unobservable Level 3 inputs.

*Derivative assets:* As a result of the Company's commutation of the assumed reinsurance agreement with Riverstone Holdings Limited, the Company classified the ceded reserves on the Malta business as a derivative in accordance with ASC 815. As the ceded reserves are shorter term in nature, management has concluded that the fair value is equivalent to its carrying value, resulting in no impact to earnings.

*Derivative liabilities:* We enter into foreign currency forward contracts to hedge our investment exposure to foreign currencies. These derivatives are carried at fair value using Level 2 inputs, primarily observable foreign exchange rates at the end of the period.

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

Based on an analysis of the inputs, our financial assets and liabilities measured at fair value on a recurring basis have been categorized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
| (in millions) | **June 30,<br>2025** | **Level 1** | **Level 2** | **Level 3** |
| Fixed maturities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Governments | $212.4 | $210.2 | $2.2 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Governments | 4.2 |  | 4.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 60.6 |  | 60.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 795.0 |  | 771.9 | 23.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 305.0 |  | 303.8 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 197.0 |  | 197.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 95.1 |  | 64.6 | 30.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized loan obligations | 81.4 |  | 77.6 | 3.8 |
| Total fixed maturities | 1750.7 | 210.2 | 1481.9 | 58.6 |
| Equity securities | 534.8 | 354.7 |  | 180.1 |
| Other investments | 13.1 |  | 0.2 | 12.9 |
| Short-term investments | 203.5 | 203.5 |  |  |
| Derivatives | 21.5 |  | 21.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2523.6 | $768.4 | $1503.6 | $251.6 |
| Derivatives | 13.9 |  | 13.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $13.9 | $— | $13.9 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
| (in millions) | **December 31,<br>2024** | **Level 1** | **Level 2** | **Level 3** |
| Fixed maturities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Governments | $223.2 | $221.0 | $2.2 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Governments | 7.1 |  | 7.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states and political subdivisions | 81.7 |  | 81.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 1050.7 |  | 1028.0 | 22.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 286.3 |  | 286.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 203.2 |  | 203.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 107.4 |  | 93.5 | 13.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized loan obligations | 109.3 |  | 109.3 |  |
| Total fixed maturities | 2068.9 | 221.0 | 1811.3 | 36.6 |
| Equity securities | 413.0 | 297.5 |  | 115.5 |
| Other investments | 4.7 |  | 0.2 | 4.5 |
| Short-term investments | 209.1 | 208.9 | 0.2 |  |
| Derivatives | 24.2 |  | 24.2 |  |
| &nbsp;&nbsp;&nbsp;Total assets | $2719.9 | $727.4 | $1835.9 | $156.6 |

---

The fair value measurements in the tables above do not equal *Total investments* on our Condensed Consolidated Balance Sheets as they primarily exclude *Mortgage loans*, *Private loans*, certain *Other investments* and certain *Short-term investments*. Our mortgage loans and private loans, some of which are classified as short-term investments based on the time to maturity at acquisition, are carried at amortized cost. Certain other investments are accounted for in accordance with the equity method of accounting, carried at amortized cost or use NAV as a practical expedient.

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

A reconciliation of the beginning and ending balances for the investments categorized as Level 3 are as follows:

**Fair Value Measurements Using Unobservable Inputs (Level 3)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Fixed Maturities** | **Equity<br>Securities** | **Other Investments** | **Total** |
| Ending balance, December 31, 2024 | $36.6 | $115.5 | $4.5 | $156.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 | 14.2 |  | 5.8 | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 | (0.7) | (1.4) |  | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gains or losses (realized/unrealized): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net income | (0.3) | 4.6 | 1.6 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in other comprehensive income | 0.9 |  |  | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases, issuances, sales, and settlements: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | 11.6 | 62.0 | 3.5 | 77.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  | (0.6) | (2.5) | (3.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements | (3.7) |  |  | (3.7) |
| Ending balance, June 30, 2025 | $58.6 | $180.1 | $12.9 | $251.6 |
| Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held as of June 30, 2025 | $— | $5.3 | $1.7 | $7.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Fixed Maturities** | **Equity<br>Securities** | **Other Investments** | **Total** |
| Ending balance, December 31, 2023 | $50.4 | $6.4 | $— | $56.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 | 0.7 |  |  | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 | (10.1) |  |  | (10.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gains or losses (realized/unrealized): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in net income (loss) | 1.5 | 28.3 |  | 29.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in other comprehensive loss | (0.7) |  |  | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases, issuances, sales, and settlements: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | 2.5 | 80.9 | 8.3 | 91.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  | (0.1) | (1.6) | (1.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements | (7.7) |  | (2.2) | (9.9) |
| Ending balance, December 31, 2024 | $36.6 | $115.5 | $4.5 | $156.6 |
| Amount of total gains or losses for the year included in net income attributable to the change in unrealized gains or losses relating to assets still held as of December 31, 2024 | $— | $28.4 | $— | $28.4 |

---

As of June 30, 2025 and December 31, 2024, we did not have any financial assets or financial liabilities measured at fair value on a nonrecurring basis.

The Company holds certain investments at cost, less an allowance for expected credit losses, on the Condensed Consolidated Balance Sheets. The fair value of the Company's investments is estimated using a discounted cash flow analysis. Due to the level of unobservable inputs factored into the estimation of fair value, the valuation would be categorized as Level 3. The cost and estimated fair value of these investments were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| (in millions) | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
| Mortgage loans | $224.0 | $213.7 | $210.1 | $214.2 |
| Private loans | 627.8 | 637.5 | 577.3 | 597.2 |
| Total | $851.8 | $851.2 | $787.4 | $811.4 |

---

------

<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**4.&nbsp;&nbsp;&nbsp;&nbsp;Allowance for Credit Losses** 

*Premiums receivable*

The following table presents the balances of premiums receivable, net of allowance for estimated uncollectible premiums, including expected lifetime credit losses and the changes in the allowance for the respective periods:

---

| | | |
|:---|:---|:---|
| (in millions) | **Premiums Receivable, Net of Allowance for Estimated Uncollectible Premiums** | **Allowance for Estimated Uncollectible Premiums** |
| Ending balance, December 31, 2024 | $179.5 | $7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current period change for estimated uncollectible premiums |  | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-offs of uncollectible premiums receivable |  | (0.9) |
| Ending balance, June 30, 2025 | $215.3 | $9.0 |
| Ending balance, December 31, 2023 | $230.7 | $3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current period change for estimated uncollectible premiums |  | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-offs of uncollectible premiums receivable |  | (1.6) |
| Ending balance, June 30, 2024 | $248.4 | $3.6 |

---

*Reinsurance Recoverables*

The following table presents the balances of reinsurance recoverables, net of the allowance for estimated uncollectible reinsurance, including expected credit losses and changes in the allowance for the respective periods:

---

| | | |
|:---|:---|:---|
| (in millions) | **Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance** | **Allowance for Estimated Uncollectible Reinsurance** |
| Ending balance, December 31, 2024 | $3053.2 | $5.8 |
| Ending balance, June 30, 2025 | $2856.2 | $5.8 |
| Ending balance, December 31, 2023 | $2959.3 | $— |
| Ending balance, June 30, 2024 | $2994.3 | $— |

---

We primarily utilize A.M. Best credit ratings when determining the allowance and adjust as needed based on our historical experience with the reinsurers. A portion of our reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**5.&nbsp;&nbsp;&nbsp;&nbsp;Reserves for Losses and Loss Adjustment Expenses**

The following table provides a reconciliation of reserves for losses and loss adjustment expenses ("LAE"):

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| (in millions) | **2025** | **2024** |
| Net reserves - beginning of the year | $3003.9 | $2747.1 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses and LAE incurred during current calendar year, net of reinsurance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current accident year | 301.6 | 381.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior accident years | 2.6 | 65.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses and LAE incurred during calendar year, net of reinsurance | 304.2 | 446.7 |
| Deduct: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses and LAE payments made during current calendar year, net of reinsurance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current accident year | 55.2 | 23.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior accident years | 286.9 | 406.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses and LAE payments made during current calendar year, net of reinsurance: | 342.1 | 429.5 |
| Add/(Deduct): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange adjustments | 1.2 | (2.2) |
| Net reserves - end of period | 2967.2 | 2762.1 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverables on unpaid losses and LAE, end of period | 2642.2 | 2754.8 |
| Gross reserves - end of period | $5609.4 | $5516.9 |

---

Reserves for losses and LAE represent the estimated indemnity cost and related adjustment expenses necessary to investigate and settle claims. Such estimates are based upon individual case estimates for reported claims, estimates from ceding companies for reinsurance assumed and actuarial estimates for losses that have been incurred but not yet reported to the insurer. Any change in probable ultimate liabilities is reflected in current operating results.

The impact from the unfavorable (favorable) development of prior accident years' loss and LAE reserves on each reporting segment is presented below:

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| (in millions) | **2025** | **2024** |
| Casualty Lines | $20.9 | $4.2 |
| Specialty Lines | (19.7) | 5.3 |
| Run-off Lines | 1.4 | 56.1 |
| Total unfavorable (favorable) prior-year development | $2.6 | $65.6 |

---

The following describes the primary factors behind each segment's net prior accident year loss reserve development for the six months ended June 30, 2025 and 2024:

&nbsp;&nbsp;&nbsp;&nbsp;• For the six months ended June 30, 2025, net unfavorable development within Casualty Lines primarily related to construction and Bermuda Casualty exposures, largely offset by favorable development within Specialty Lines primarily associated with garage and inland marine business.

&nbsp;&nbsp;&nbsp;&nbsp;• For the six months ended June 30, 2024, net unfavorable development primarily related to movements within Run-off Lines on large individual surety claims and assumed business from our former Malta operations, ArgoGlobal Holdings (Malta) Ltd., which was sold in 2022.

Our reserves represent the best estimate of our ultimate liabilities, based on currently known facts, current law, current technology and reasonable assumptions where facts are not known. Due to the significant uncertainties and related management judgments, there can be no assurance that future favorable or unfavorable loss development, which may be material, will not occur.

------

<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**6.&nbsp;&nbsp;&nbsp;&nbsp;Disclosures About Fair Value of Financial Instruments**

*Cash.* The carrying amount approximates fair value.

*Investment securities, mortgage loan and private loan investments, and short-term investments.* See Note 3, "Investments," for additional information.

*Premiums receivable and reinsurance recoverables on paid losses.* The carrying value of current receivables and reinsurance recoverables on paid losses approximates fair value due to short-term nature.

*Debt.* As of June 30, 2025 and December 31, 2024, the fair value of our debt instruments is determined using both Level 1 and Level 2 inputs, as previously defined in Note 3, "Investments."

We receive fair value prices for similar financial instruments being traded in active markets. These prices are determined using observable market information such as publicly traded quoted prices, and trading prices for similar financial instruments actively being traded in the current market. We have reviewed the processes used by third-party providers for pricing these instruments and have determined that they result in fair values consistent with GAAP requirements. In addition, we review these prices for reasonableness, and have not adjusted any prices received from the third-party providers as of June 30, 2025 and December 31, 2024. A description of the valuation techniques we use to measure these liabilities at fair value is as follows:

***Senior Unsecured Fixed Rate Notes Level 1:***

&nbsp;&nbsp;&nbsp;&nbsp;• Our senior unsecured fixed rate notes are valued using Level 1 inputs. For these securities, we obtain fair value measurements from a third-party pricing service using quoted prices (unadjusted) in active markets at the reporting date.

***Junior Subordinated Debentures Level 2:***

&nbsp;&nbsp;&nbsp;&nbsp;• Our trust preferred debentures and subordinated debentures are typically valued using Level 2 inputs. For these securities, we obtain fair value measurements using quoted prices for similar securities being traded in active markets at the reporting date, as our specific debt instruments are less frequently traded.

A summary of our financial instruments whose carrying value did not equal fair value is shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| (in millions) | **Carrying<br>Amount** | **Fair<br>Value** | **Carrying<br>Amount** | **Fair<br>Value** |
| Junior subordinated debentures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust preferred debentures | $162.5 | $165.7 | $162.0 | $163.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures | 81.6 | 83.0 | 81.2 | 81.3 |
| Total junior subordinated debentures | 244.1 | 248.7 | 243.2 | 245.2 |
| Senior unsecured fixed rate notes | 129.3 | 115.8 | 128.8 | 128.6 |
| Total | $373.4 | $364.5 | $372.0 | $373.8 |

---

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

Based on an analysis of the inputs, our financial instruments measured at fair value for disclosure purposes have been categorized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** |
| (in millions) | **June 30, 2025** | **Level 1** | **Level 2** | **Level 3** |
| Junior subordinated debentures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust preferred debentures | $165.7 | $— | $165.7 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures | 83.0 |  | 83.0 |  |
| Total junior subordinated debentures | 248.7 |  | 248.7 |  |
| Senior unsecured fixed rate notes | 115.8 | 115.8 |  |  |
| Total | $364.5 | $115.8 | $248.7 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** |
| (in millions) | **December 31, 2024** | **Level 1** | **Level 2** | **Level 3** |
| Junior subordinated debentures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust preferred debentures | $163.9 | $— | $163.9 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures | 81.3 |  | 81.3 |  |
| Total junior subordinated debentures | 245.2 |  | 245.2 |  |
| Senior unsecured fixed rate notes | 128.6 | 128.6 |  |  |
| Total | $373.8 | $128.6 | $245.2 | $— |

---

 **7.&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' Equity**

*Preferred Stock Dividend*

On May 2, 2025, our Board of Directors declared a quarterly cash dividend in the amount of $437.50 per share on our 7.00% Resettable Fixed Rate Preferred Stock, Series A, par value of $1.00 per share, with a liquidation preference of $25,000 per share (the "Series A Preferred Stock"). Holders of depositary shares, each representing a 1/1,000th interest in a share of Series A Preferred Stock (the "Depositary Shares"), received $0.43750 per Depositary Share. On June 16, 2025, we paid $2.7 million to our stockholders of record, as of May 31, 2025, of the Series A Preferred Stock.

**8.&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Other Comprehensive Income (Loss)**

A summary of changes in accumulated other comprehensive income (loss), net of taxes (where applicable) by component for the six months ended June 30, 2025 and 2024 is presented below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in millions) | **Foreign Currency Translation Adjustments** | **Unrealized<br>Holding Gains (Losses)<br>on Securities** | **Unrealized Losses on Hedge Instruments** | **Defined Benefit Pension Plans** | **Total** |
| **Ending balance, December 31, 2024** | $(0.4) | $31.2 | $— | $0.9 | $31.7 |
| Other comprehensive income (loss) before reclassifications | (0.1) | 11.6 | (3.7) |  | 7.8 |
| Amounts reclassified from accumulated other comprehensive income |  | 0.8 |  |  | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net current-period other comprehensive income (loss) | (0.1) | 12.4 | (3.7) |  | 8.6 |
| **Ending balance, June 30, 2025** | $(0.5) | $43.6 | $(3.7) | $0.9 | $40.3 |

---

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Foreign Currency Translation Adjustments** | **Unrealized<br>Holding Gains (Losses)<br>on Securities** | **Defined Benefit Pension Plans** | **Total** |
| **Ending balance, December 31, 2023** | $0.1 | $51.1 | $0.6 | $51.8 |
| Other comprehensive income (loss) before reclassifications | (0.1) | (19.7) |  | (19.8) |
| Amounts reclassified from accumulated other comprehensive loss |  | (5.1) |  | (5.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net current-period other comprehensive income (loss) | (0.1) | (24.8) |  | (24.9) |
| **Ending balance, June 30, 2024** | $— | $26.3 | $0.6 | $26.9 |

---

The amounts reclassified from accumulated other comprehensive income (loss) shown in the above table have been included in the following captions in our Condensed Consolidated Statements of Income (Loss):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended<br>June 30,** | **For the Three Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
| (in millions) | **2025** | **2024** | **2025** | **2024** |
| Unrealized gains and losses on securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized investment and other (gains) losses | $(0.3) | $0.1 | $1.0 | $(6.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) | 0.1 |  | (0.2) | 1.3 |
| &nbsp;&nbsp;Total, net of taxes | $(0.2) | $0.1 | $0.8 | $(5.1) |

---

Income tax effects are released from accumulated other comprehensive income (loss) for unrealized gains or losses when the gains or losses are realized and are taxed at the statutory rate based on jurisdiction of the underlying transaction.

**9.&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Cash Flow Information**

Interest paid was as follows:

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
| (in millions) | **2025** | **2024** |
| Senior unsecured fixed rate notes | $4.7 | $4.7 |
| Junior subordinated debentures | 10.9 | 12.3 |
| Other indebtedness |  | 1.9 |
| &nbsp;&nbsp;&nbsp;Total interest paid | $15.6 | $18.9 |
| Income taxes paid | $0.1 | $0.1 |

---

**10.&nbsp;&nbsp;&nbsp;&nbsp;Underwriting, Acquisition and General Expenses**

Underwriting, acquisition and general expenses were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended<br>June 30,** | **For the Three Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
| (in millions) | **2025** | **2024** | **2025** | **2024** |
| Commission expense | $39.1 | $26.5 | $59.9 | $57.6 |
| Other underwriting and insurance expenses | 49.3 | 64.5 | 102.4 | 132.4 |
| Amortization of value of business acquired and other intangible assets | 10.1 | 43.0 | 20.0 | 86.1 |
| &nbsp;&nbsp;Total | 98.5 | 134.0 | 182.3 | 276.1 |
| Net deferral of policy acquisition costs | (11.1) | (17.2) | (14.3) | (42.2) |
| &nbsp;&nbsp;Total underwriting, acquisition and general expenses | $87.4 | $116.8 | $168.0 | $233.9 |

---

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**11.&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes**

The Company is incorporated under the laws of the U.S. We have subsidiaries based in the U.S. that are subject to U.S. tax laws. Under current law, these subsidiaries are taxed at the applicable corporate tax rates. Beginning January 1, 2024, our U.S. subsidiaries file a consolidated U.S. federal income tax return with BAMR US Holdings LLC, a subsidiary of Brookfield Wealth Solutions Ltd.

Argo Re Ltd., a Bermuda domiciled entity, is a U.S. taxpayer through a section 953(d) voluntary election under the Internal Revenue Code of 1986, as amended. Argo Re Ltd. pre-tax income (loss) and tax provision (benefit) is reported in the U.S.

We also have operations in Italy and United Kingdom which are subject to income taxes imposed by the jurisdiction in which they operate. Furthermore, we have an operation in Barbados which is not subject to income tax under the laws of that country.

On August 16, 2022, U.S. legislation referred to as the Inflation Reduction Act of 2022 was enacted. This legislation enacted a new Corporate Alternative Minimum Tax ("CAMT") and Excise Tax on Repurchases of Corporate Stock. The Company has determined as of the period ended June 30, 2025, that it is subject to CAMT. The recognition of applicable CAMT is reported on a consolidated basis with Brookfield Wealth Solutions Ltd. The Company is not subject to Excise Tax on Repurchases of Corporate Stock.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA includes provisions that allow for the immediate expensing of domestic research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation profits derived from foreign operations. The Company continues to evaluate the impact the new legislation will have on our estimated annual effective tax rate and cash tax position.

Our expected income tax provision computed on pre-tax income (loss) at the weighted average tax rate has been calculated as the sum of the pre-tax income (loss) in each jurisdiction multiplied by that jurisdiction's applicable statutory tax rate. For the three and six months ended June 30, 2025 and 2024, pre-tax income (loss) attributable to our operations and the corresponding operations' effective tax rates were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| (in millions) | **Pre-Tax<br>Income (Loss)** | **Effective<br>Tax Rate** | **Pre-Tax<br>Income (Loss)** | **Effective<br>Tax Rate** |
| United States | $74.5 | 21.5% | $21.8 | 25.7% |
| United Kingdom |  | —% | (2.3) | —% |
| Barbados | 0.8 | —% |  | —% |
| Italy | (0.5) | —% | (1.2) | —% |
| Pre-tax income (loss) | $74.8 | 21.4% | $18.3 | 30.6% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| (in millions) | **Pre-Tax<br>Income (Loss)** | **Effective<br>Tax Rate** | **Pre-Tax<br>Income (Loss)** | **Effective<br>Tax Rate** |
| United States | $113.4 | 21.5% | $49.8 | 14.3% |
| United Kingdom |  | —% | (2.3) | —% |
| Barbados | 0.8 | —% |  | —% |
| Italy | (0.9) | —% | (2.0) | (1.9)% |
| Pre-tax income (loss) | $113.3 | 21.5% | $45.5 | 15.8% |

---

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

A reconciliation of the difference between the provision (benefit) for income taxes and the expected tax provision (benefit) at the weighted average tax rate is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended<br>June 30,** | **For the Three Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
| (in millions) | **2025** | **2024** | **2025** | **2024** |
| Income tax provision (benefit) at expected rate | $15.5 | $3.7 | $23.6 | $9.4 |
| Tax effect of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nontaxable investment income | (0.1) | (0.1) | (0.1) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes | 0.1 |  | 0.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland capital loss |  | 3.3 |  | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. state tax expense, net of federal income tax effect | 0.1 |  | 0.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in valuation allowance |  | (2.4) | (1.3) | (2.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior period adjustment |  | 1.1 | 1.2 | (3.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 0.4 |  | 0.6 | 0.5 |
| Income tax provision (benefit) | $16.0 | $5.6 | $24.3 | $7.2 |

---

Our gross deferred tax assets are supported by taxes paid in previous periods, reversal of taxable temporary differences and recognition of future taxable income. Management regularly evaluates the recoverability of the deferred tax assets and makes any necessary adjustments to them based upon any changes in management's expectations of future taxable income. Realization of deferred tax assets is dependent upon our generation of future taxable income sufficient to recover tax benefits that cannot be recovered from taxes paid in the carryback period, generally for our U.S. property and casualty insurers two years for net operating losses and for all our U.S. subsidiaries three years for capital losses. If a company determines that any of its deferred tax assets will not result in future tax benefits, a valuation allowance must be established for the portion of these assets that are not expected to be realized. For the three months ended June 30, 2025, there was no change in the valuation allowance for deferred tax assets. For the six months ended June 30, 2025, the net change in valuation allowance for deferred tax assets was a decrease of $1.3 million, related to the reduction of net operating loss carryforwards incurred in the United Kingdom. Existing valuation allowances pertain to Internal Revenue Code Section 382 limited net operating loss carryforwards within the U.S. and cumulative losses incurred in the United Kingdom and Italy. Based upon a review of all positive and negative evidence, our management concluded that it is more-likely-than-not that $63.9 million of our deferred tax assets will be realized. Should our future income deviate from our present income estimates, the Company's realization assessment may differ from our current conclusion.

For any uncertain tax positions not meeting the "more-likely-than-not" recognition threshold, accounting standards require recognition, measurement and disclosure in the Company's Condensed Consolidated Financial Statements. The Company does not have any recognized uncertain tax positions for federal or state income tax liability for the three and six months ended June 30, 2025. Furthermore, there are no interest or penalties recorded for federal or state income tax liability for the three and six months ended June 30, 2025.

Our U.S. subsidiaries are no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2021. Our U.K. subsidiary is no longer subject to U.K. income tax examinations by His Majesty's Revenue and Customs for years before 2023. Our Italy subsidiary is no longer subject to Italy income tax examinations by tax authorities for years before 2019.

**12.&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies**

***Legal Actions***

Argo Group's subsidiaries are parties to legal actions incidental to their business. As of June 30, 2025, management believes that the resolution of these matters would not materially affect our financial condition or results of operations.

***Bermuda Appraisal Petitions***

In April 2023, appraisal petitions were filed in the Supreme Court of Bermuda (the "Court") relating to the acquisition of the Company by Brookfield Wealth Solutions Ltd. for $30.00 per share (the "Transaction Price") that closed on November 16, 2023.

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The petitions were filed by certain persons who were shareholders of the Company at such time pursuant to Section 106(6) of the Bermuda Companies Act, and are captioned Corbin Erisa Opportunity Fund, Ltd. v. Argo Group International Holdings, Ltd., Corbin Opportunity Fund, L.P. v. Argo Group International Holdings, Ltd., Fourworld Event Opportunities, LP v. Argo Group International Holdings, Ltd., Fourworld Global Opportunities Fund, Ltd. v. Argo Group International Holdings, Ltd., Fourworld Special Opportunities Fund, LLC v. Argo Group International Holdings, Ltd., and FW Deep Value Opportunities Fund I, LLC v. Argo Group International Holdings, Ltd.

Section 106(6) of the Companies Act permits a shareholder of a Bermuda company, such as the Company prior to the Company's redomestication to the State of Delaware, to petition the Court for a determination of the fair value of the Company's shares if they are not satisfied with the Transaction Price.

On January 3, 2024, the Company filed a summons to stay the appraisal action pending judgment of the Judicial Committee of the Privy Council in the matter captioned "In re matter of Jardine Strategy Holdings Limited Case No: Civ/2022/14-31." Hearings were held on July 9, 2024 and July 18, 2024. On December 3, 2024, the Court denied the stay application. The Court convened a Directions Hearing on May 1 and 2, 2025 and heard arguments from the parties and proposals on the scope of discovery and schedule for trial. The Judge did not rule at the hearing but said she plans to issue a ruling in the near future. The Company intends to continue to defend this matter vigorously.

***Capital Shield Action***

In April 2025, Capital Shield, Inc. ("Plaintiff") brought this action in the U.S. District Court Middle District of Florida against Amwins Access Insurance Services, LLC ("Amwins") and Peleus Insurance Company ("Peleus") alleging breach of contract claims against Amwins and further alleging Amwins and Peleus violated Section I of the Sherman Act. The allegations arise out of a Program Administrator Agreement between Amwins and Plaintiff in which Peleus was to act as an underwriter for the program. Plaintiff alleges that Peleus colluded with Amwins to restrain trade in violation of Section 1 of the Sherman Act, and this collusion deprived the insurance-buying public of the opportunity to purchase Plaintiff's product. Each of Amwins and Peleus has filed a motion to dismiss the Sherman Act claim (the only claim against Peleus).

***Contractual Commitments***

We have contractual commitments to invest up to $165.9 million related to our limited partnership investments as of June 30, 2025, as further disclosed in Note 3, "Investments." These commitments will be funded as required by the partnership agreements which can be called to be fulfilled at any time. Additionally, the Company has commitments to fund up to $300.7 million related to various other investments, including debt and equity securities, term loans and mortgage loans.

**13.&nbsp;&nbsp;&nbsp;&nbsp;Segment Information**

We are primarily engaged in underwriting property and casualty insurance and reinsurance. As a result of the Company's merger with Brookfield Wealth Solutions Ltd., and overall strategic assessment of the business, the Company changed its internal segments in a manner that caused the composition of its reporting segments to change in the fourth quarter of 2024. The Company's reporting segments were realigned to three reportable segments—Casualty Lines, Specialty Lines, and Run-off Lines. The Run-off Lines segment is for certain products that we no longer underwrite. The Company has recast all applicable periods for comparability.

We consider many factors, including the nature of each segment's insurance and reinsurance products, production sources, distribution strategies and the regulatory environment, in determining how to aggregate operating segments. Transactions between segments are reported in the segment that initiated the transaction.

Our reporting segments consist primarily of the following products:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Casualty Lines: Argo Construction, Argo Environmental, Argo Casualty, Rockwood, Bermuda Casualty, and Bermuda Insurance and Europe

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specialty Lines: Specialty Programs and Fronting, Colony Specialty Garage, Argo Inland Marine, and Bermuda Property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Run-off Lines: Liability and surety policies

We have identified our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), as our Chief Operating Decision Maker ("CODM").

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In evaluating the operating performance of our segments, the CODM assesses the segments' performance by using each segments' segment operating income (loss) consistent with GAAP measures.

The CODM uses segment operating income (loss) for each segment predominantly in the quarterly/annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis for the profit measure when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment operating income (loss) for each segment for evaluating pricing strategy and to assess the performance of each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.

Realized investment and other gains (losses) are reported as a component of Corporate and Other, as decisions regarding the acquisition and disposal of securities reside with the corporate investment function and are not under the control of the individual business segments.

Revenue and segment operating income (loss) for each segment were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** |
| (in millions) | **Casualty Lines** | **Specialty Lines** | **Run-off Lines** | **Total** |
| &nbsp;&nbsp;Net earned premiums | $156.4 | $65.1 | $8.2 | $229.7 |
| &nbsp;&nbsp;Net investment income | 35.8 | 5.5 | 28.1 | 69.4 |
| Total segment revenues | 192.2 | 70.6 | 36.3 | 299.1 |
| *Reconciliation of revenue* |  |  |  |  |
| &nbsp;&nbsp;Net investment and other gains (losses) |  |  |  | 37.4 |
| Total consolidated revenues |  |  |  | 336.5 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Losses and loss adjustment expenses | 116.3 | 21.7 | 18.1 |  |
| &nbsp;&nbsp;Underwriting, acquisition and general expenses | 46.2 | 21.2 | 6.5 |  |
| &nbsp;&nbsp;Other segment items <sup>(1)</sup> | 4.4 | 0.6 | 3.0 |  |
| Segment operating income (loss) | 25.3 | 27.1 | 8.7 | 61.1 |
| *Reconciliation of profit or loss* |  |  |  |  |
| Unallocated amounts: |  |  |  |  |
| &nbsp;&nbsp;Non-operating expenses |  |  |  | 3.7 |
| &nbsp;&nbsp;Impairment of intangible assets |  |  |  | 4.5 |
| &nbsp;&nbsp;Foreign currency exchange (gains) losses |  |  |  | 2.0 |
| &nbsp;&nbsp;Net investment and other (gains) losses |  |  |  | (37.4) |
| &nbsp;&nbsp;Total other expenses <sup>(2)</sup> |  |  |  | 13.5 |
| Income (loss) before income taxes |  |  |  | $74.8 |

---

<sup>(1)</sup> Includes interest expense and fee and other expense (income), net.

<sup>(2)</sup> Includes amortization of value of business acquired and other intangible assets related to purchase accounting of $10.1 million.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** |
| (in millions) | **Casualty Lines** | **Specialty Lines** | **Run-off Lines** | **Total** |
| &nbsp;&nbsp;Net earned premiums | $133.2 | $64.3 | $92.4 | $289.9 |
| &nbsp;&nbsp;Net investment income | 30.4 | 7.9 | 27.7 | 66.0 |
| Total segment revenues | 163.6 | 72.2 | 120.1 | 355.9 |
| *Reconciliation of revenue* |  |  |  |  |
| &nbsp;&nbsp;Net investment and other gains (losses) |  |  |  | 24.8 |
| Total consolidated revenues |  |  |  | 380.7 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Losses and loss adjustment expenses | 86.0 | 45.6 | 95.1 |  |
| &nbsp;&nbsp;Underwriting, acquisition and general expenses | 35.2 | 17.6 | 21.3 |  |
| &nbsp;&nbsp;Other segment items <sup>(1)</sup> | 5.0 | 1.4 | 4.6 |  |
| Segment operating income (loss) | 37.4 | 7.6 | (0.9) | 44.1 |
| *Reconciliation of profit or loss* |  |  |  |  |
| Unallocated amounts: |  |  |  |  |
| &nbsp;&nbsp;Non-operating expenses |  |  |  | 5.2 |
| &nbsp;&nbsp;Foreign currency exchange (gains) losses |  |  |  | 2.7 |
| &nbsp;&nbsp;Net investment and other (gains) losses |  |  |  | (24.8) |
| &nbsp;&nbsp;Total other expenses <sup>(2)</sup> |  |  |  | 42.7 |
| Income (loss) before income taxes |  |  |  | $18.3 |

---

<sup>(1)</sup> Includes interest expense and fee and other expense (income), net.

<sup>(2)</sup> Includes amortization of value of business acquired and other intangible assets related to purchase accounting of $43.0 million.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
| (in millions) | **Casualty Lines** | **Specialty Lines** | **Run-off Lines** | **Total** |
| &nbsp;&nbsp;Net earned premiums | $300.5 | $126.1 | $13.1 | $439.7 |
| &nbsp;&nbsp;Net investment income | 66.4 | 10.1 | 52.0 | 128.5 |
| Total segment revenues | 366.9 | 136.2 | 65.1 | 568.2 |
| *Reconciliation of revenue* |  |  |  |  |
| &nbsp;&nbsp;Net investment and other gains (losses) |  |  |  | 47.1 |
| Total consolidated revenues |  |  |  | 615.3 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Losses and loss adjustment expenses | 207.1 | 68.0 | 29.1 |  |
| &nbsp;&nbsp;Underwriting, acquisition and general expenses | 91.1 | 38.8 | 8.5 |  |
| Other segment items <sup>(1)</sup> | 8.8 | 1.3 | 6.5 |  |
| Segment operating income (loss) | 59.9 | 28.1 | 21.0 | 109.0 |
| *Reconciliation of profit or loss* |  |  |  |  |
| Unallocated amounts: |  |  |  |  |
| &nbsp;&nbsp;Non-operating expenses |  |  |  | 9.3 |
| &nbsp;&nbsp;Impairment of intangible assets |  |  |  | 4.5 |
| &nbsp;&nbsp;Foreign currency exchange (gains) losses |  |  |  | (0.6) |
| &nbsp;&nbsp;Net investment and other (gains) losses |  |  |  | (47.1) |
| &nbsp;&nbsp;Total other expenses <sup>(2)</sup> |  |  |  | 29.6 |
| Income (loss) before income taxes |  |  |  | $113.3 |

---

<sup>(1)</sup> Includes interest expense and fee and other expense (income), net.

<sup>(2)</sup> Includes amortization of value of business acquired and other intangible assets related to purchase accounting of $20.0 million.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |
| (in millions) | **Casualty Lines** | **Specialty Lines** | **Run-off Lines** | **Total** |
| &nbsp;&nbsp;Net earned premiums | $269.7 | $131.0 | $202.9 | $603.6 |
| &nbsp;&nbsp;Net investment income | 57.3 | 15.0 | 52.5 | 124.8 |
| Total segment revenues | 327.0 | 146.0 | 255.4 | 728.4 |
| *Reconciliation of revenue* |  |  |  |  |
| &nbsp;&nbsp;Net investment and other gains (losses) |  |  |  | 31.0 |
| Total consolidated revenues |  |  |  | 759.4 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Losses and loss adjustment expenses | 171.9 | 87.9 | 186.9 |  |
| &nbsp;&nbsp;Underwriting, acquisition and general expenses | 65.4 | 29.5 | 51.4 |  |
| Other segment items <sup>(1)</sup> | 9.0 | 2.4 | 8.3 |  |
| Segment operating income (loss) | 80.7 | 26.2 | 8.8 | 115.7 |
| *Reconciliation of profit or loss* |  |  |  |  |
| Unallocated amounts: |  |  |  |  |
| &nbsp;&nbsp;Non-operating expenses |  |  |  | 12.9 |
| &nbsp;&nbsp;Foreign currency exchange (gains) losses |  |  |  | 0.7 |
| &nbsp;&nbsp;Net investment and other (gains) losses |  |  |  | (31.0) |
| &nbsp;&nbsp;Total other expenses <sup>(2)</sup> |  |  |  | 87.6 |
| Income (loss) before income taxes |  |  |  | $45.5 |

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<sup>(1)</sup> Includes interest expense and fee and other expense (income), net.

<sup>(2)</sup> Includes amortization of value of business acquired and other intangible assets related to purchase accounting of $86.1 million.

The following table represents identifiable assets by geographic location:

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| | | |
|:---|:---|:---|
| (in millions) | **June 30, 2025** | **December 31, 2024** |
| U.S. operations | $7280.9 | $7429.3 |
| International operations | 1458.8 | 1450.3 |
| &nbsp;&nbsp;Total assets | $8739.7 | $8879.6 |

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**14.&nbsp;&nbsp;&nbsp;&nbsp;Related Party Transactions**

As part of the Merger, the Company has entered into recurring transactions and agreements with Brookfield Wealth Solutions Ltd., its subsidiaries and affiliates.

For the three and six months ended June 30, 2025, the Company purchased related party investments of $169.8 million and $211.8 million, respectively. Related party investments as of June 30, 2025 were primarily attributed to $492.1 million of private loans, $292.2 million of other investments and $388.3 million of equity securities. Additionally, the Company has unfunded commitments totaling $90.7 million across all related party investments. Investment transactions with related parties are accounted for in the same manner as those with unrelated parties in the financial statements.

For the three and six months ended June 30, 2024, the Company purchased related party investments of $219.2 million and $251.7 million, respectively. Additionally, during the second quarter of 2024, the Company recorded a gain of $27.9 million driven from a related party equity security, which is reflected in *Net investment and other gains (losses)* on our Condensed Consolidated Statements of Income (Loss). Related party investments as of June 30, 2024 were primarily attributed to $101.3 million of mortgage loans, and $126.6 million in private loans. Additionally, the Company has unfunded commitments totaling $52.6 million across the related party investments. Investment transactions with related parties are accounted for in the same manner as those with unrelated parties in the financial statements.

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For the three and six months ended June 30, 2025, the Company incurred investment management fees and other due to related party arrangements of $2.8 million and $6.2 million, respectively, which is recognized in *Net investment income* on our Condensed Consolidated Statements of Income (Loss). As of June 30, 2025, the related party investment management fees and other payables are $2.6 million.

For the three and six months ended June 30, 2024, the Company incurred investment management fees due to related party arrangements of $2.5 million and $4.8 million, respectively, which is recognized in *Net investment income* on our Condensed Consolidated Statements of Income (Loss). As of June 30, 2024, the related party investment management fees payable is $2.5 million, which is recognized in *Accrued underwriting expenses and other liabilities* on our Condensed Consolidated Balance Sheets.

**15.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events**

There are no subsequent events identified as of the date of this report.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following is a discussion and analysis of our results of operations for the three and six months ended June 30, 2025 and the three and six months ended June 30, 2024, and a discussion of our financial condition as of June 30, 2025 and December 31, 2024. This discussion and analysis should be read in conjunction with the attached unaudited interim Condensed Consolidated Financial Statements and notes thereto and Argo Group's 2024 Form 10-K, including the audited Condensed Consolidated Financial Statements and notes thereto.

Certain reclassifications have been made to financial information presented for prior years to conform to the current year's presentation.

**Cautionary Statement Regarding Forward-Looking Statements**

Certain statements in this Report are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to future events and financial performance. Forward-looking statements include all statements that do not relate solely to historical or current facts, including, but not limited to, statements regarding our management's projections, forecasts, expectations, beliefs, intentions or strategies. These statements can be identified by the use of words such as "expect," "intend," "plan," "believe," "do not believe," "aim," "project," "anticipate," "seek," "will," "likely," "assume," "estimate," "may," "continue," "guidance," "growth," "objective," "remain optimistic," "improve," "progress," "path toward," "outlook," "trends," "future," "could," "would," "should," "target," "on track" and similar expressions of a future or forward-looking nature.

Such statements are subject to certain risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to, changes in interest rates and inflation, changes in trade policies, including the imposition of new or increased tariffs, our ability to realize the anticipated benefits of the merger with Brookfield Wealth Solutions Ltd., the adequacy of our projected loss reserves, employee retention and changes in key personnel, the ability of our insurance subsidiaries to meet risk-based capital and solvency requirements, the outcome of legal and regulatory proceedings, investigations, inquiries, claims and litigation and other risks and uncertainties discussed in our filings with the SEC. For a more detailed discussion of such risks and uncertainties, see Part II, Item 1A. "Risk Factors" herein and Part I, Item 1A, "Risk Factors" in Argo Group's Form 10-K for the year ended December 31, 2024. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo Group that Argo Group's objectives will be achieved. Argo Group undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such statements.

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**Consolidated Results of Operations**

For the three and six months ended June 30, 2025, we reported net income attributable to common stockholders of $56.1 million and $83.7 million, respectively. For the three and six months ended June 30, 2024, we reported net income attributable to common stockholders of $10.0 million and $33.0 million, respectively.

The following is selected data from our results of operations for the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| (in millions) | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Net earned premiums | $229.7 | $289.9 | $439.7 | $603.6 |
| &nbsp;&nbsp;Net investment income | 69.4 | 66.0 | 128.5 | 124.8 |
| &nbsp;&nbsp;Net investment and other gains (losses) | 37.4 | 24.8 | 47.1 | 31.0 |
| Total consolidated revenues | 336.5 | 380.7 | 615.3 | 759.4 |
| Income (loss) before income taxes | 74.8 | 18.3 | 113.3 | 45.5 |
| &nbsp;&nbsp;Income tax provision (benefit) | 16.0 | 5.6 | 24.3 | 7.2 |
| Net income (loss) | $58.8 | $12.7 | $89.0 | $38.3 |

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&nbsp;&nbsp;&nbsp;&nbsp;

***<u>Net Earned Premiums</u>***

Consolidated net earned premiums for the three and six months ended June 30, 2025 were $229.7 million and $439.7 million, respectively, compared to $289.9 million and $603.6 million for the three and six months ended June 30, 2024. The decline in net earned premiums was driven by the portfolio transfer of Argo Pro in January 2025 as well as other businesses being put into run-off during 2024.

Our net earned premiums are further discussed by reporting segment and major lines of business below under the heading "Segment Results."

***<u>Net Investment Income</u>***

Consolidated net investment income for the three and six months ended June 30, 2025 was $69.4 million and $128.5 million, respectively, driven primarily by income from fixed maturities available-for-sale that included $12.3 million and $24.7 million of accretion income from the application of purchase accounting to fixed maturities. Increased allocations to private loans and equity securities, in-line with the Company's investments strategy, further contributed to investment income for these periods.

Net investment income for the three and six months ended June 30, 2024 was $66.0 million and $124.8 million, primarily driven by income from fixed maturity and short-term investment securities. Included in net investment income for the three and six months ended June 30, 2024 is accretion of discount income of approximately $17.1 million and $45.7 million, respectively, relating to the purchase accounting push-down as a result of the Merger. The alternative investment portfolio, which includes earnings from both private equity and hedge fund investments, provided an additional contribution to the result.

***<u>Net Investment and Other Gains (Losses)</u>***

Consolidated net investment and other gains for the three and six months ended June 30, 2025 were $37.4 million and $47.1 million, respectively, driven primarily by net unrealized gains on equity securities of $46.7 million and $60.0 million, offset partially by losses from foreign currency exchange forward contracts of $8.7 million and $12.8 million. Equity securities gains were driven by holding gains on publicly traded related party equity securities.

Consolidated net investment and other gains of $24.8 million and $31.0 million for the three and six months ended June 30, 2024 were primarily related to net unrealized gains on equity securities of $28.7 million and $28.7 million, respectively.

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***<u>Loss and Loss Adjustment Expenses</u>***

Consolidated losses and loss adjustment expenses were $156.1 million and $304.2 million for the three and six months ended June 30, 2025. For the three and six months ended June 30, 2024, losses and loss adjustment expenses were $226.7 million and $446.7 million.

The loss ratio for the three months ended June 30, 2025 was 68.0% and 78.2% for the same period in 2024. The consolidated loss ratio for the six months ended June 30, 2025 was 69.2% and 74.0% for the same period in 2024.

Catastrophe losses for the three months ended June 30, 2025 of $7.5 million (3.3% percentage points) were mainly attributable to losses associated with U.S. storms compared to $6.7 million (2.3% percentage points) for the three months ended June 30, 2024. Catastrophe losses for the six months ended June 30, 2025 of $14.7 million (3.3% percentage points) were attributable to losses associated with U.S. storms compared to $13.1 million (2.2% percentage points) for the same period ended June 30, 2024.

The net unfavorable prior-year reserve development for the three months ended June 30, 2025 of $1.6 million was due to $20.1 million from Casualty Lines and $1.3 million from Run-off Lines, partially offset by favorable development of $19.8 million from Specialty Lines. The net unfavorable prior-year reserve development for the six months ended June 30, 2025 of $2.6 million was due to $20.9 million from Casualty Lines and $1.4 million from Run-off Lines, partially offset by favorable development of $19.7 million from Specialty Lines. Net unfavorable development primarily within Casualty Lines related to construction and Bermuda Casualty exposures, largely offset by favorable development within Specialty Lines primarily associated with garage and inland marine business.

Our losses and loss adjustment expenses, including the prior-year loss reserve development shown in the following table, are further discussed by reporting segment under the heading "Segment Results" below. The following table summarizes the above referenced prior-year loss reserve development for the six months ended June 30, 2025 with respect to net loss reserves by line of business as of December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
| (in millions) | **Net Reserves<br> as of December 31, 2024** | **Net Reserve Development (Favorable) / Unfavorable for the period ended June 30, 2025** | **Percent of Net Reserves <br>as of December 31, 2024** |
| Casualty Lines | $1323.6 | $20.9 | 1.6% |
| Specialty Lines | 341.5 | (19.7) | (5.8)% |
| Run-off Lines | 1338.8 | 1.4 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $3003.9 | $2.6 | 0.1% |

---

In determining appropriate reserve levels for the six months ended June 30, 2025, we maintained the same general processes and disciplines that were used to set reserves at prior reporting dates. No significant changes in methodologies were made to estimate the reserves since the last reporting date; however, at each reporting date we reassess the actuarial estimate of the reserve for loss and loss adjustment expenses and record our best estimate. Consistent with prior reserve valuations, as claims data becomes more mature for prior accident years, actuarial estimates were refined to weigh certain actuarial methods more heavily in order to respond to any emerging trends in the paid and reported loss data. Pricing, reinsurance costs, legal environment, general economic conditions including changes in inflation and trade policies and many other factors impact our ultimate loss estimates. Refer to segment results for specific factors impacting our current accident year loss ratios.

Gross reserves for losses and loss adjustment expenses were $5,609.4 million and $5,798.6 million as of June 30, 2025 and December 31, 2024, respectively.

***<u>Underwriting, Acquisition and General Expenses</u>***

Underwriting, acquisition and general expenses for the three and six months ended June 30, 2025 were $87.4 million and $168.0 million, respectively, and $116.8 million and $233.9 million for the same periods ended 2024. The expense ratio for the three and six months ended June 30, 2025 was 38.0% and 38.2%, respectively, and 40.3% and 38.8% for the three and six months ended June 30, 2024. Underwriting, acquisition and general expenses includes amortization expense of value of business acquired ("VOBA") and other intangible assets. The decrease in the expense ratio for the three and six month periods was 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.

Our underwriting, acquisition and general expenses are further discussed below by reporting segment under the heading "Segment Results."

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***<u>Income Tax Provision (Benefit)</u>***

The consolidated income tax provision represents the income tax expense or benefit associated with our operations based on the tax laws of the jurisdictions in which we operate. Therefore, the provision for income taxes represents taxes on net income for our U.S., United Kingdom, Barbados, and Italy operations. The Company recorded an income tax provision of $16.0 million and $24.3 million for the three and six months ended June 30, 2025. This is compared to the income tax provision of $5.6 million and $7.2 million for the same periods ended 2024.

The effective tax rate was 21.4% and 21.5% for the three and six months ended June 30, 2025 compared to the effective tax rate of 30.6% and 15.8% for the same periods ended 2024. For the three and six months ended June 30, 2025, the effective tax rate is aligned with statutory tax rates. For the three and six months ended June 30, 2024, the effective tax rate was impacted by prior period adjustments. Excluding the prior period adjustments, the effective tax rate for the three and six months ended June 30, 2024 was more aligned with statutory tax rates.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA includes provisions that allow for the immediate expensing of domestic research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation profits derived from foreign operations. The Company continues to evaluate the impact the new legislation will have on our estimated annual effective tax rate and cash tax position.

**Segment Results**

As a result of the Company's merger with Brookfield Wealth Solutions Ltd, and overall strategic assessment of the business, the Company changed its internal segments in a manner that caused the composition of its reporting segments to change in the fourth quarter of 2024. The Company's reporting segments were realigned to three reportable segments—Casualty Lines, Specialty Lines, and Run-off Lines. The Company has recast all applicable periods for comparability.

For additional segment information, refer to Note 13, "Segment Information" in the Notes to the Consolidated Financial Statements.

***Casualty Lines***

The following table summarizes the results of operations for the Casualty Lines segment:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| (in millions) | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Net earned premiums | $156.4 | $133.2 | $300.5 | $269.7 |
| &nbsp;&nbsp;Net investment income | 35.8 | 30.4 | 66.4 | 57.3 |
| Total segment revenues | 192.2 | 163.6 | 366.9 | 327.0 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Losses and loss adjustment expenses | 116.3 | 86.0 | 207.1 | 171.9 |
| &nbsp;&nbsp;Underwriting, acquisition and general expenses | 46.2 | 35.2 | 91.1 | 65.4 |
| &nbsp;&nbsp;Other segment items <sup>(1)</sup> | 4.4 | 5.0 | 8.8 | 9.0 |
| Segment operating income (loss) | $25.3 | $37.4 | $59.9 | $80.7 |

---

<sup>(1)</sup> Includes interest expense and fee and other expense (income), net.

***<u>Net Earned Premiums</u>***

Net earned premiums were $156.4 million and $300.5 million for the three and six months ended June 30, 2025, respectively, and $133.2 million and $269.7 million for the three and six months ended June 30, 2024, respectively. Premium growth was attributable to our casualty, construction, environmental and Bermuda business units and driven primarily by lower ceded earned premiums resulting from changes to our reinsurance structure.

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***<u>Loss and Loss Adjustment Expenses</u>***

Loss and loss adjustment expenses were $116.3 million and $207.1 million for the three and six months ended June 30, 2025, respectively, and $86.0 million and $171.9 million for the three and six months ended June 30, 2024, respectively.

The loss ratios for the three and six months ended June 30, 2025 were 74.4% and 68.9%, respectively, and 64.6% and 63.7% for the three and six months ended June 30, 2024, respectively. The increase in both periods compared to 2024 is driven by net unfavorable prior-year reserve development.

Net unfavorable prior-year reserve development was $20.1 million and $20.9 million for the three and six months ended June 30, 2025, respectively, as compared to $3.5 million and $4.2 million for the same periods in 2024. The net unfavorable prior year reserve development for the three and six months ended June 30, 2025 was primarily related to construction and Bermuda Casualty exposures.

***<u>Underwriting, Acquisition and General Expenses</u>***

Underwriting, acquisition and general expenses were $46.2 million and $91.1 million for the three and six months ended June 30, 2025 as compared to $35.2 million and $65.4 million for the three and six months ended June 30, 2024.

The expense ratios were 29.5% and 30.3% for the three and six months ended June 30, 2025 and 26.4% and 24.3% for the same periods ended 2024.

The increase in expenses for the three months and six months ended June 30, 2025 compared to the same periods ended in 2024 was primarily attributed to lower ceding commissions due to the change in our reinsurance structure.

***Specialty Lines***

The following table summarizes the results of operations for the Specialty Lines segment:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| (in millions) | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Net earned premiums | $65.1 | $64.3 | $126.1 | $131.0 |
| &nbsp;&nbsp;Net investment income | 5.5 | 7.9 | 10.1 | 15.0 |
| Total segment revenues | 70.6 | 72.2 | 136.2 | 146.0 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Losses and loss adjustment expenses | 21.7 | 45.6 | 68.0 | 87.9 |
| &nbsp;&nbsp;Underwriting, acquisition and general expenses | 21.2 | 17.6 | 38.8 | 29.5 |
| &nbsp;&nbsp;Other segment items <sup>(1)</sup> | 0.6 | 1.4 | 1.3 | 2.4 |
| Segment operating income (loss) | $27.1 | $7.6 | $28.1 | $26.2 |

---

<sup>(1)</sup> Includes interest expense and fee and other expense (income), net.

***<u>Net Earned Premiums</u>***

Net earned premiums were $65.1 million and $126.1 million for the three and six months ended June 30, 2025, respectively, and $64.3 million and $131.0 million for the same periods ended 2024. The increase in net earned premiums compared to the prior period for the three months ended June 30, 2025 was primarily driven by new business in our garage and Bermuda property business units. The decline in net earned premiums for the six months ended June 30, 2025 was primarily due to remediation in our inland marine business and the cancellation of certain programs.

***<u>Loss and Loss Adjustment Expenses</u>***

Loss and loss adjustment expenses were $21.7 million and $68.0 million for the three and six months ended June 30, 2025 and $45.6 million and $87.9 million for the same periods ended 2024, respectively.

The loss ratios for the three and six months ended June 30, 2025 were 33.3% and 53.9% as compared to 70.9% and 67.1% for the three and six months ended June 30, 2024. The decrease in both periods compared to 2024 is driven by net favorable prior-year reserve development.

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Net prior-year reserve development was $19.8 million and $19.7 million favorable for the three and six months ended June 30, 2025, as compared to $4.6 million and $5.3 million unfavorable for the same periods in 2024. The net favorable prior year reserve development for the three and six months ended June 30, 2025 was primarily related to garage and inland marine business.

Catastrophe losses for the three and six months ended June 30, 2025 were $7.5 million and $14.7 million, respectively. Catastrophe losses for the three and six months ended June 30, 2024 were $6.4 million and $12.2 million, respectively. Catastrophe losses for both 2025 and 2024 periods were mainly due to U.S. storms.

***<u>Underwriting, Acquisition and General Expenses</u>***

Underwriting, acquisition and general expenses were $21.2 million and $38.8 million for the three and six months ended June 30, 2025, as compared to $17.6 million and $29.5 million for the three and six months ended June 30, 2024. The increase was primarily driven by higher acquisition costs.

The expense ratios were 32.6% and 30.8% for the three and six months ended June 30, 2025 and 27.4% and 22.5% for the same periods in 2024. The increase in the overall expense ratio was primarily due to a higher acquisition expense ratio as a result of lower fronting fee income, new higher commission business in inland marine and Bermuda property, and changes in business mix.

***Run-off Lines***

The following table summarizes the results of operations for Run-off Lines:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| (in millions) | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Net earned premiums | $8.2 | $92.4 | $13.1 | $202.9 |
| &nbsp;&nbsp;Net investment income | 28.1 | 27.7 | 52.0 | 52.5 |
| Total segment revenues | 36.3 | 120.1 | 65.1 | 255.4 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Losses and loss adjustment expenses | 18.1 | 95.1 | 29.1 | 186.9 |
| &nbsp;&nbsp;Underwriting, acquisition and general expenses | 6.5 | 21.3 | 8.5 | 51.4 |
| &nbsp;&nbsp;Other segment items <sup>(1)</sup> | 3.0 | 4.6 | 6.5 | 8.3 |
| Segment operating income (loss) | $8.7 | $(0.9) | $21.0 | $8.8 |

---

<sup>(1)</sup> Includes interest expense and fee and other expense (income), net.

***<u>Net Earned Premiums</u>***

Net earned premiums were $8.2 million and $13.1 million for the three and six months ended June 30, 2025 and $92.4 million and $202.9 million for the same periods in 2024, respectively. The reduction occurred primarily in professional lines, surety lines and public entity business as these lines continue to run-off.

***<u>Losses and Loss Adjustment Expenses</u>***

Loss and loss adjustment expenses were $18.1 million and $29.1 million for the three and six months ended June 30, 2025 and $95.1 million and $186.9 million for the same periods in 2024, respectively.

The loss ratios for the three and six months ended June 30, 2025 were 220.7% and 222.1% as compared to 102.9% and 92.1% for the three and six months ended June 30, 2024.

Net prior-year reserve development was $1.3 million and $1.4 million unfavorable for the three and six months ended June 30, 2025, as compared to $32.7 million and $56.1 million for the same periods in 2024. 

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***<u>Underwriting, Acquisition and General Expenses</u>***

Underwriting, acquisition and general expenses were $6.5 million and $8.5 million for the three and six months ended June 30, 2025, as compared to $21.3 million and $51.4 million for the three and six months ended June 30, 2024, respectively.

The expense ratios were 79.3% and 64.9% for the three and six months ended June 30, 2025 and 23.0% and 25.4% for the same periods in 2024.

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**Liquidity and Capital Resources**

*<u>Cash Flows</u>*

The Company's future cash flows largely depend on the availability of dividends or other statutorily permissible payments from subsidiaries. The ability to pay such dividends is limited by the applicable laws and regulations of the various countries and states in which these subsidiaries operate, including, among others, Bermuda.

The primary sources of our cash inflows are premiums, reinsurance recoveries, proceeds from sales and redemptions of investments and investment income. The primary cash outflows are claim payments, loss adjustment expenses, reinsurance costs, underwriting, acquisition and overhead expenses, interest expense, purchases of investments, payment of preferred dividends and income taxes. Management believes that cash inflows are sufficient to cover cash outflows in the foreseeable future. We have access to additional sources of liquidity should the need for additional cash arise.

Cash provided by or used in operating activities can fluctuate due to timing differences in the collection of premiums and reinsurance recoveries and the payment of losses and expenses. For the six months ended June 30, 2025 and 2024, net cash used in operating activities was $5.6 million compared to net cash used in operating activities of $80.2 million, respectively. The increase in cash flows from operating activities in 2025 compared to 2024 was attributable to various fluctuations within our operating activities, and primarily related to the timing of reinsurance payments and recoveries, claim payments and premium cash receipts in the respective periods. The decrease in premium is a result of a strategic reassessment of our various lines of business.

For the six months ended June 30, 2025, net cash provided by investing activities was $304.2 million compared to net cash used in investing activities of $430.6 million for the same period in 2024. Net cash provided by investing activities in 2025 was mainly the result of sales and maturities of fixed maturity investments and proceeds from mortgage loans and private loans, partially offset by purchases of fixed maturity investments, private loan investments and equity securities. Net cash used in investing activities in 2024 was mainly the result of purchases of short-term investments, private loan investments, and mortgage loans offset by net proceeds from fixed maturity investments.

For the six months ended June 30, 2025, net cash used in financing activities was $5.3 million compared to $194.7 million net cash provided by in 2024. Net cash used in financing activities in 2025 was driven by the payment of cash dividends to preferred stockholders. Net cash provided by financing activities in 2024 was driven by the issuance of our shares of common stock to Brookfield Wealth Solutions Ltd. (formerly known as Brookfield Reinsurance Ltd.).

*<u>Revolving Credit Facility</u>*

On February 21, 2024, the Company entered into Amendment No. 6 ("Amendment No. 6") of the Credit Agreement with the financial institutions party thereto as lenders and JPMorgan Chase Bank, N.A., individually as a lender and as administrative agent (the "Credit Agreement"). Amendment No. 6, among other things, replaced the minimum Tangible Net Worth covenant in the Credit Agreement with a minimum Consolidated Net Worth. The Consolidated Net Worth covenant is tested at the end of each fiscal quarter and has been set at an amount equal to the sum of (i) $872.0 million plus (ii) 50% of positive net income for each fiscal quarter ending after December 31, 2023 plus (iii) 50% of net proceeds received from the issuance and sale of certain equity interests after December 31, 2023.

On February 22, 2024, the Company borrowed $100.0 million from the revolving credit facility and elected a one-month term and interest option, under the terms of the Credit Agreement. The loan had been renewed using the one-month option until May 29, 2024, when the Company repaid the $100.0 million borrowed under the revolving credit facility. The facility was subsequently terminated on June 4, 2024. On June 4, 2024, the Company was named as a party under Brookfield Wealth Solutions Ltd.'s $1.2 billion revolving credit facility.

*<u>Letter of Credit Facilities</u>*

On June 30, 2025, letters of credit totaling $28.5 million were outstanding, of which $21.6 million were issued against the committed secured bilateral letter of credit facility and $6.9 million were issued against the uncommitted, secured bilateral letter of credit facility. Collateral with a market value of $37.3 million was pledged to these banks as security against these letters of credit.

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*<u>Preferred Stock Dividends</u>*

On May 2, 2025, our Board of Directors declared a quarterly cash dividend in the amount of $437.50 per share on our 7.00% Resettable Fixed Rate Preferred Stock, Series A, par value of $1.00 per share, with a liquidation preference of $25,000 per share (the "Series A Preferred Stock"). Holders of depositary shares, each representing a 1/1,000th interest in a share of Series A Preferred Stock (the "Depositary Shares"), received $0.43750 per Depositary Share. On June 16, 2025, we paid $2.7 million to our stockholders of record, as of May 31, 2025, of the Series A Preferred Stock.

**Condensed Consolidating Financial Information**

*<u>Supplemental Guarantor Financial Information</u>*

In September 2012, the Company (the "Parent Guarantor"), through Argo Group US, Inc. (the "Subsidiary Issuer"), issued $143.8 million aggregate principal amount of the Subsidiary Issuer's 6.5% Senior Notes due September 15, 2042 (the "Notes"). The Notes are unsecured and unsubordinated obligations of the Subsidiary Issuer and rank equally in right of payment with all of the Subsidiary Issuer's other unsecured and unsubordinated debt. The Notes are guaranteed on a full and unconditional senior unsecured basis by the Parent Guarantor. The Notes may be redeemed, for cash, in whole or in part at the Subsidiary Issuer's option, at any time and from time to time, prior to maturity at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued but unpaid interest on the principal amount being redeemed to, but not including, the redemption date. The Company's ability to repay the Notes largely depends on the availability of dividends or other statutorily permissible payments from subsidiaries.

This summarized financial information has been prepared in accordance with Regulation S-X Rule 13-01, *Financial Disclosures about Guarantors and Issuers of Guaranteed Securities* and is not intended to present the financial position or results of operations of the obligor group in accordance with U.S. GAAP.

The following tables present summarized financial information related to the Senior Notes issued by the "Subsidiary Issuer" and the "Parent Guarantor" on a combined basis after elimination of (i) intercompany transactions and balances among the Parent Guarantor and the Subsidiary Issuer, (ii) equity in undistributed earnings from and investments in any other subsidiaries that are non-obligor group, and (iii) amounts due to, amounts due from, and transactions with (1) non-obligor subsidiaries and (2) affiliates are separately disclosed, as applicable. Obligor group consists of the Subsidiary Issuer and the Parent Guarantor.

<u>Argo Group International Holdings, Inc. Obligor Group</u>

**Balance Sheet Information**

---

| | |
|:---|:---|
| | **As of** |
| (in millions) | **June 30, 2025** |
| Total assets <sup>(1)</sup> | $23.8 |
| Total liabilities <sup>(2)</sup> | 378.8 |
| Series A Preferred stock | 137.1 |

---

<sup>(1)</sup> Includes $22.0 million of investments

<sup>(2)</sup> Includes $18.1 million and $62.1 million of due to (from) affiliates and intercompany notes payable, respectively, $291.8 million of debt, and $4.2 million of accrued underwriting expenses and other liabilities

**Income Statement Information**

---

| | |
|:---|:---|
| | **For the Six Months Ended** |
| (in millions) | **June 30, 2025** |
| Total revenue | $0.6 |
| Total expenses <sup>(1)</sup> | 15.6 |
| Net income (loss) | (20.0) |
| Dividends on Series A Preferred stock | (5.3) |
| Net income (loss) attributable to common stockholders | (25.2) |

---

<sup>(1)</sup> Includes interest expense of $14.5 million

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**Recent Accounting Standards and Critical Accounting Estimates**

*New Accounting Standards*

The discussion of the adoption and pending adoption of recently issued accounting policies is included in Note 1, "Recent Accounting Pronouncements" in the Company's 2024 Form 10-K.

Refer to "Critical Accounting Estimates" in the Company's 2024 Form 10-K for information on accounting estimates and policies that we consider critical in preparing our Condensed Consolidated Financial Statements. These policies include significant estimates made by management using information available at the time the estimates were made. However, these estimates could change materially if different information or assumptions were used.

There have been no material changes to our critical accounting estimates described in our 2024 Form 10-K.

**Item 3. Quantitative and Qualitative Disclosures about Market Risk** 

We believe that we are principally exposed to four types of market risk: interest rate risk, credit risk, equity price risk and foreign currency risk.

***Interest Rate Risk***

Our primary market risk exposure on fixed maturity investments relates to interest rate risk and the changes in interest rates. Fluctuations in interest rates have a direct impact on the fair value of these securities. As interest rates rise, the fair value of our fixed maturity portfolio falls, and the converse is also true. We manage interest rate risk through an active portfolio management strategy that involves the selection of investments with appropriate characteristics such as duration, yield, currency and liquidity that are tailored to the anticipated cash outflow characteristics of our liabilities. A significant portion of our investment portfolio matures each year, allowing for reinvestment at current market rates. The model duration of the assets comprising our fixed maturity investment portfolio was 2.67 years and 2.66 years as of June 30, 2025 and December 31, 2024, respectively.

***Credit Risk***

We have exposure to credit risk on losses recoverable from reinsurers and receivables from insureds. Our controls to mitigate this risk include limiting our exposure to any one counterparty, evaluating the financial strength of our reinsurers, canceling policies, generally requiring minimum credit ratings and in certain cases receiving collateral from our reinsurers and insureds.

We also have exposure to credit risk in our investment holdings. Our risk management strategy and investment policy attempts to mitigate this risk by primarily investing in debt instruments of high credit quality issuers, limiting credit concentration, monitoring the credit quality of issuers and counterparties and diversifying issuers. The weighted average rating of our fixed maturity investments was A+ and A with 96.7% and 97.0% rated investment grade or better (BBB- or higher) as of June 30, 2025 and December 31, 2024, respectively.

We review our investments to identify and evaluate those that may have credit impairments on a quarterly basis, considering the historical performance of the security, available market information, and credit ratings, among other things. For fixed maturity securities, the review includes consideration of current ratings and actions of major rating agencies (Standard & Poor's, Moody's and Fitch). If a security has two ratings, the lower rating is used. If a security has three ratings, the middle rating is used. The following table reflects the credit quality of our fixed maturity portfolio as of June 30, 2025:

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| | | |
|:---|:---|:---|
| **Other Fixed Maturities** | **Cost** | **Fair Value** |
| AAA | $12.6 | $12.8 |
| AA | 276.5 | 281.4 |
| A | 357.6 | 367.8 |
| BBB | 372.9 | 383.8 |
| BB/B | 20.9 | 22.7 |
| CCC and Below | 3.2 | 3.6 |
| Unrated | 0.1 | 0.1 |
| &nbsp;&nbsp;Other Fixed Maturities | $1043.8 | $1072.2 |
| **Structured Securities** | **Cost** | **Fair Value** |
| AAA | $256.1 | $268.4 |
| AA | 241.4 | 248.8 |
| A | 86.4 | 90.4 |
| BBB | 38.7 | 40.0 |
| BB/B | 14.4 | 14.8 |
| CCC and Below | 0.1 | 0.1 |
| Unrated | 16.0 | 16.0 |
| &nbsp;&nbsp;Structured Securities | $653.1 | $678.5 |
| **Total Fixed Maturities** | **Cost** | **Fair Value** |
| AAA | $268.7 | $281.2 |
| AA | 517.9 | 530.2 |
| A | 444.0 | 458.2 |
| BBB | 411.6 | 423.8 |
| BB/B | 35.3 | 37.5 |
| CCC and Below | 3.3 | 3.7 |
| Unrated | 16.1 | 16.1 |
| &nbsp;&nbsp;Total Fixed Maturities | $1696.9 | $1750.7 |

---

Our portfolio also includes alternative investments with a carrying value as of June 30, 2025 and December 31, 2024 of $572.2 million and $577.4 million (14.7% and 14.1% of total invested assets), respectively. We may invest in both long and short equities, corporate debt securities, currencies, real estate, commodities and derivatives. We attempt to mitigate our risk by selecting managers with extensive experience, proven track records and robust controls and processes. We also attempt to mitigate our risk by diversifying through multiple managers and different types of assets and asset classes.

Mortgage loans add portfolio diversification. These assets typically afford credit protections through covenants and deeper due diligence given information access. We also monitor debt service coverage ratios and loan-to-value ratios in our assessment of credit risk and exposure.

***Equity Price Risk***

We hold a diversified portfolio of equity securities with a fair value of $534.8 million and $413.0 million (13.7% and 10.1% of total invested assets) as of June 30, 2025 and December 31, 2024, respectively. Our equity securities are exposed to equity price risk which is defined as the potential for loss in fair value due to a decline in equity prices. We believe the diversification of our equity securities among various industries, market segments and issuers, as well as the use of multiple outside investment managers, mitigates our exposure to equity price risk.

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***Foreign Currency Risk***

We have exposure to foreign currency risk in our insurance contracts and invested assets. We attempt to manage our foreign currency risk by seeking to match our liabilities under insurance and reinsurance contracts that are payable in currencies other than the U.S. Dollar with cash and investments that are denominated in such currencies. We also use foreign exchange forward contracts to attempt to mitigate this risk. For the three and six months ended June 30, 2025, we recognized $8.7 million and $12.8 million of gross losses from foreign exchange contracts. For the three and six months ended June 30, 2024, we recognized $1.6 million and $3.0 million of gross gains and $2.0 million and $3.6 million of gross losses from foreign exchange contracts, for a net loss of $0.4 million and $0.6 million, respectively. The net losses are recorded in the *Net investment and other gains (losses)* in the Condensed Consolidated Statements of Income (Loss).

**Item 4. Controls and Procedures**

Argo Group, under the supervision and with the participation of its management, including the Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended ("Exchange Act") as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of June 30, 2025, at the reasonable assurance level to ensure that information required to be disclosed by Argo Group in the reports filed or submitted under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

**Change in Internal Control Over Financial Reporting**

There were no changes in internal control over financial reporting made during the quarter ended June 30, 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II. OTHER INFORMATION**

Throughout this Quarterly Report on Form 10-Q, unless the context otherwise requires, references to "Argo Group," "we," "us," "our" or the "Company" mean Argo Group International Holdings, Inc. and all of its subsidiaries, taken together as a whole.

**Item 1. Legal Proceedings**

We and our subsidiaries are parties to legal actions from time to time, generally incidental to our and their business. While any litigation or arbitration proceedings include an element of uncertainty, management believes that the resolution of these matters will not materially affect our financial condition or results of operations. See "Legal Actions" in Note 12. "Commitments and Contingencies" of the Notes to the Condensed Consolidated Financial Statements included in Part I of this Quarterly Report for additional information.

***Bermuda Appraisal Petitions***

In April 2023, appraisal petitions were filed in the Supreme Court of Bermuda relating to the acquisition of the Company by Brookfield Wealth Solutions Ltd. for $30.00 per share (the "Transaction Price") that closed on November 16, 2023.

The petitions were filed by certain persons who were shareholders of the Company at such time pursuant to Section 106(6) of the Companies Act and are captioned Corbin Erisa Opportunity Fund, Ltd. v. Argo Group International Holdings, Ltd., Corbin Opportunity Fund, L.P. v. Argo Group International Holdings, Ltd., Fourworld Event Opportunities, LP v. Argo Group International Holdings, Ltd., Fourworld Global Opportunities Fund, Ltd. v. Argo Group International Holdings, Ltd., Fourworld Special Opportunities Fund, LLC v. Argo Group International Holdings, Ltd., and FW Deep Value Opportunities Fund I, LLC v. Argo Group International Holdings, Ltd.

Section 106(6) of the Companies Act permits a shareholder of a Bermuda company, such as the Company prior to the Company's redomestication to the State of Delaware, to petition the Court for a determination of the fair value of the Company's shares if they are not satisfied with the Transaction Price.

On January 3, 2024, the Company filed a summons to stay the appraisal action pending judgment of the Judicial Committee of the Privy Council in the matter captioned "In re matter of Jardine Strategy Holdings Limited Case No: Civ/2022/14-31." Hearings were held on July 9, 2024 and July 18, 2024. On December 3, 2024, the Court denied the stay application. The Court convened a Directions

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

Hearing on May 1 and 2, 2025 and heard arguments from the parties and proposals on the scope of discovery and schedule for trial. The Judge did not rule at the hearing but said she plans to issue a ruling in the near future. The Company intends to continue to defend this matter vigorously.

***Capital Shield Action***

In April 2025, Capital Shield, Inc. ("Plaintiff") brought this action in the U.S. District Court Middle District of Florida against Amwins Access Insurance Services, LLC ("Amwins") and Peleus Insurance Company ("Peleus") alleging breach of contract claims against Amwins and further alleging Amwins and Peleus violated Section I of the Sherman Act. The allegations arise out of a Program Administrator Agreement between Amwins and Plaintiff in which Peleus was to act as an underwriter for the program. Plaintiff alleges that Peleus colluded with Amwins to restrain trade in violation of Section 1 of the Sherman Act, and this collusion deprived the insurance-buying public of the opportunity to purchase Plaintiff's product. Each of Amwins and Peleus has filed a motion to dismiss the Sherman Act claim (the only claim against Peleus).

**Item 1A. Risk Factors**

In addition to the other information set forth in this report, readers should carefully consider the factors discussed in "Part I, Item 1A. Risk Factors" of Argo Group's Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K") and "Part II, Item 1A. Risk Factors" of Argo Group's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (the "2025 Q1 Form 10-Q"), and in the Company's other filings with the SEC, which could materially affect the Company's business, financial condition, cash flows or future results. There have been no material changes from the risk factors previously disclosed in the 2024 Form 10-K and 2025 Q1 Form 10-Q.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds** 

Not applicable.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

Not applicable.

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**Item 6. Exhibits**

A list of exhibits required to be filed as part of this report is set forth in the below Exhibit Index.

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 10.1 | <u>[Resignation Agreement, by and between Argo Group International Holdings, Inc. and Jessica Buss, dated April 2, 2025.](exhibit101.htm)</u> |
| 31.1 | <u>[Rule 13a – 14(a)/15d – 14(a) Certification of the Chief Executive Officer](ex31106302025.htm)</u> |
| 31.2 | <u>[Rule 13a – 14(a)/15d – 14(a) Certification of the Chief Financial Officer](ex31206302025.htm)</u> |
| 32.1 | <u>[Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex32106302025.htm)</u> |
| 32.2 | <u>[Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex32206302025.htm)</u> |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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<u>[Table](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)[of Contents](#i38c576ebc9f74a8b8aa00bb2e7f1d56a_7)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **ARGO GROUP INTERNATIONAL HOLDINGS, INC.** | **ARGO GROUP INTERNATIONAL HOLDINGS, INC.** |
| August 7, 2025 | By | /s/ Christopher Donahue |
| | | Christopher Donahue |
| | | Chief Executive Officer |
| August 7, 2025 | By | /s/ David Chan |
| | | David Chan |
| | | Chief Financial Officer |

---

## Exhibit 10.1

![](exhibit101001.jpg)

April 2, 2025 Jessica Buss Via Email Re: Resignation from the Argo Group Dear Jessica: Pursuant to our recent discussions, we acknowledge and accept your resignation from employment with the Argo Group (defined below), effective as of April 2, 2025 (the "Separation Date"). This letter describes certain effects of your resignation and your continuing obligations to the Argo Group. As of the close of business on the Separation Date, you will cease to hold any positions with Argo Group International Holdings, Inc. (together with its predecessors, the "Company") and each of its direct and indirect parents, subsidiaries, affiliates and successors (collectively, the "Argo Group"). Between the date hereof and the Separation Date, you will cooperate with the Argo Group to support the transition of your duties and responsibilities to your successor and execute any other documents reasonably requested by the Argo Group to evidence your resignation as the Argo Group's Chief Executive Officer as of March 21, 2025. You will receive all salary earned through the Separation Date on the next regularly scheduled payroll date following the Separation Date, subject to applicable taxes and withholdings. No additional salary, bonuses, commissions, severance or other compensation of any kind is or will become due and owing to you from the Argo Group on or after the Separation Date, including under the Company's Executive Long-Term Incentive Plan. As a result of your resignation, you have forfeited your opportunity to receive the third installment of the Retention Award under your Retention Award Agreement with the Company, dated as of November 16, 2022. Further, as you are aware, upon your voluntary resignation from the Argo Group, you previously agreed to repay to the Argo Group the entire $251,143.83 relocation assistance payment (inclusive of the tax gross ups) you received from the Argo Group pursuant to your Offer Letter with Argo Management Services, Inc. ("AMSI"), dated as of November 16, 2023. However, subject to your execution and delivery, on the Separation Date, of the release of claims attached to this letter as Annex A (the "Release"), the Argo Group will waive your obligation to repay such relocation assistance payment. In addition, subject to your execution and delivery of and in consideration for the Release, the Argo Group agrees to pay you, on the first regular payroll period after the Release becomes irrevocable in accordance with its terms, a single lump- sum cash payment of $250,000, subject to applicable taxes and withholdings (such payment, together with the waiver described in the previous sentence, the "Release Consideration"). Exhibit 10.1

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![](exhibit101002.jpg)

You acknowledge that you will continue to be bound after the Separation Date by restrictive covenants that you agreed to in your Fair Competition Agreement with AMSI, dated as of November 16, 2023 (the "Fair Competition Agreement") and your Participation Agreement with the Company, dated as of August 26, 2022, both of which are attached to this letter as Annex B and include covenants pertaining to non-competition, non-solicitation of employees and customers, non-disparagement, non-disclosure of confidential information, cooperation and return of Argo Group property (collectively, the "Continuing Covenants"). Please sign below to signify your acceptance of the foregoing terms. We look forward to your cooperation with the Argo Group through and after the Separation Date. Very truly yours, Argo Group International Holdings, Inc. By: Michael Tiliakos Title: General Counsel and Secretary Acknowledged and Agreed: Jessica Buss Date April 2, 2025

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![](exhibit101003.jpg)

Annex A General Release (see attached)

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![](exhibit101004.jpg)

GENERAL RELEASE This GENERAL RELEASE (this "Agreement") is entered into by and between Argo Group International Holdings, Inc. (the "Company," and, together with its predecessors, successors, parents, subsidiaries and affiliates, the "Argo Group") and Jessica Buss ("I" or "my" or "me") (collectively, the "Parties"). The Parties agree as follows: I. RELEASE CONSIDERATION; NO OTHER BENEFITS A. In General: Provided that I timely sign and deliver this Agreement and do not timely revoke my acceptance, and this Agreement becomes valid and irrevocable, in each case, in accordance with Section IV.B, the Company will provide me with the Release Consideration (defined in my letter agreement with the Company, dated as of April 2, 2025 (the "Resignation Agreement")). B. Sufficiency of Consideration: I understand, acknowledge, and agree that (i) the Release Consideration is in addition to anything of value to which I am otherwise entitled, (ii) the Release Consideration exceeds what I am otherwise entitled to receive upon my separation from employment, and (iii) the Release Consideration is being given as consideration in exchange for executing this Agreement, including the general release of claims set forth in Section II. I further acknowledge that I am not entitled to any additional payment or consideration from the Company, or any other member of the Argo Group not specifically set forth in this Agreement or the Resignation Agreement. C. Termination of Benefit Plan Participation: I will cease to be eligible to participate in any applicable stock option, bonus, incentive compensation, commission, medical, dental, life insurance, retirement, and other compensation or benefit plans of the Company and any other member of the Argo Group following the Separation Date (defined in the Resignation Agreement); provided, however, that any sponsored medical and/or dental, vision or Employee Assistance Program (EAP) benefits will end on the last day of the month of the Separation Date; provided, further, that I will retain my vested benefits under all applicable qualified and non- qualified retirement plans of the Company, and all rights associated with such benefits, as determined under plan terms. Information concerning my right to elect to continue any employer-sponsored benefits under the Consolidated Omnibus Budget Reconciliation Act (COBRA) will be sent to me under separate cover. II. RELEASE OF CLAIMS A. In General: THIS IS A GENERAL RELEASE. In exchange for the Release Consideration, and without limiting Section II.E, I, on behalf of myself and my executors, administrators, successors and assigns (collectively, the "Releasors"), unconditionally release the Company and each of the other members of the Argo Group (including Brookfield Wealth Solutions Ltd. and its subsidiaries and affiliates), and each of their predecessors and successors, and all of their past and

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![](exhibit101005.jpg)

2 present employees, officers, directors, stockholders, owners, representatives, assigns, attorneys, agents, insurers, employee benefit programs (and the trustees, administrators, fiduciaries, and insurers of such programs), and any other persons acting by, through, under or in concert with any of the persons or entities listed in this subsection (each, a "Released Party" and, collectively, the "Released Parties") from any and all known and unknown claims, charges, complaints, promises, demands, actions, causes of action, suits, damages, losses, expenses (including attorneys' fees), sums of money, debts, covenants, contracts, agreements, promises, obligations, or liabilities, of any and every kind or nature whatsoever, or similar rights of any type (collectively, "Claims") which any of the Releasors ever had, now have or may hereafter claim to have by reason of any matter, cause, thing, act or omission whatsoever against any Released Party: (i) arising from the beginning of time up to the date I sign this Agreement, including, but not limited to, any and all Claims: (a) arising out of or relating in any way to my employment relationship with the Company or any of the other Released Parties; (b) arising out of or relating to tort, fraud, or defamation; and (c) arising under any federal, state, local or foreign statute or regulation, including, but not limited to (as applicable): the Illinois Right to Privacy in the Workplace Act; the Illinois Employment Contract Act; the Illinois Labor Dispute Act; the Illinois Victims' Economic Security and Safety Act; the Illinois Equal Pay Act; the Cook County Human Rights Ordinance; the Chicago Human Rights Ordinance; the Massachusetts Wage Act; the Minnesota Human Rights Act; New York State Human Rights Law (NYSHRL), the New York City Human Rights Law (NYCHRL), NYC Administrative Code 8-101 et seq., the New York Labor Law (NYLL), or the discrimination or retaliation provisions of the New York State Workers' Compensation Law (all as amended); any and all claims under the Texas Labor Code (specifically including the Texas Payday Law; the Texas Anti-Retaliation Act; Chapter 21 of the Texas Labor Code; Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1866; the Age Discrimination in Employment Act (ADEA), the Older Workers Benefit Protection Act (OWBPA) (if I am 40 years old or older); and the Americans With Disabilities Act, each as amended and including each of their respective implementing regulations, and/or any other federal, state, local or foreign law (statutory, regulatory common law or otherwise) that may be legally waived and released; (ii) relating to wrongful employment termination; or (iii) arising under or relating to any policy, agreement, understanding or promise, written or oral, formal or informal, between the Company or any of the other Released Parties and me. B. Excluded Claims: Notwithstanding the foregoing, I am not releasing any Claim that relates to: (i) my right to enforce this Agreement; (ii) my right, if any, to claim unemployment or workers' compensation benefits, (iii) any rights I may have to vested benefits under employee benefits plans, (iv) any right that I cannot waive or release pursuant to applicable law, (v) my right to challenge the validity of the waiver of age discrimination claims under the ADEA, or (vi) my right to indemnification, contribution, advancement of expenses and/or coverage under any director and officer or other insurance policy, including pursuant to any written

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![](exhibit101006.jpg)

3 agreement or corporate governance document or limited partnership agreement of any Released Party. C. Class Actions: I acknowledge and agree that the released Claims include any Claims that have been or may hereafter be asserted on my behalf in any class or collective action relating to my employment and/or the termination of my employment with the Company ("Class/Collective Action"). Accordingly, I waive any right to participate in any Class/Collective Action, including serving as a class representative or named plaintiff, and any right to receive notice of any pending or resolved Class/Collective Action. In the event that I am included or identified as a member or potential member of a class or collective in Class/Collective Action, I agree to (i) opt out of such proceeding after learning of my inclusion by executing, without objection or delay, any opt out form presented to me, and/or (ii) not to opt into such proceeding. D. Unknown Claims: I understand that I am releasing Claims that I may not know about. That is my knowing and voluntary intent, even though I recognize that someday I might learn that some or all the facts I currently believe to be true are untrue and even though I might then regret having signed this Agreement. Nevertheless, I am assuming that risk, and I agree that this Agreement shall remain effective in all respects in any such case. I expressly waive all rights I might have under any law that is intended to protect me from waiving unknown claims, and I understand the significance of doing so. E. Whistleblower Protections and Protected Rights: Nothing in this Agreement (including, but not limited to, the acknowledgements, Claims released, return of Company property, non-disparagement, and confidentiality provisions) prevents me from: i. challenging the validity of this Agreement under the ADEA or the OWBPA; ii. voluntarily communicating with an attorney who I retain; iii. filing a charge or complaint, or voluntarily communicating, with any law enforcement or any other federal, state or local government agency, including the Securities and Exchange Commission ("SEC"), the Equal Employment Opportunity Commission, the New York City Human Rights Commission, the New York State Division of Human Rights, or any other state or local commission on human rights, or any self-regulatory organization regarding, or otherwise initiating, assisting with, or participating in any manner with an investigation conducted by such government agency, in each case, regarding possible violations of law (including, without limitation, alleged criminal conduct or unlawful employment practices (including, without limitation, laws respecting discrimination, harassment, retaliation, sexual assault, sexual harassment or other sexual misconduct, or violations of applicable wage and hour laws)) and without notice to or approval from the Company;

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![](exhibit101007.jpg)

4 iv. disclosing the underlying facts or circumstances relating to claims of discrimination, in violation of laws prohibiting discrimination, against the Company, disclosing details of any claim relating to sexual assault against the Company, or making truthful statements or disclosures related to unlawful discrimination, harassment or retaliation, or otherwise discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that I have reason to believe is unlawful; v. recovering a SEC whistleblower award as provided under Section 21F of the Securities Exchange Act of 1934 or any other award or bounty in connection with protected "whistleblower" activity; vi. filing or disclosing any facts necessary to receive unemployment insurance, Medicaid, or other public benefits to which I am entitled; or vii. making any disclosure of information or documents (including Confidential Information (defined below)) in response to a subpoena, court order or request by a court, any administrative or legislative body, a peace officer, or a prosecutor (in each case, with advance notice to the Company prior to any such disclosure to the extent legally permitted). III. PROMISES, WARRANTIES, AND REPRESENTATIONS A. In General: I understand and agree that I have no right of rehire or reinstatement with any Released Party, regardless of location, and that the Released Parties are under no obligation to rehire me or reinstate my employment. I acknowledge and understand that the failure of a Released Party to rehire or reinstate me is contractual and not unlawful discrimination or retaliation. I acknowledge and agree that (i) except as expressly set forth in the Resignation Agreement, I have received all compensation due to me as a result of services performed for the Company or any other member of the Argo Group; (ii) I have reported to the Company any and all work-related injuries or occupational disease incurred by me during my employment by the Company; (iii) I have been properly provided any leave requested under the Family and Medical Leave Act or similar state local laws and have not been subjected to any improper treatment, conduct or actions due to a request for or taking such leave; (iv) I have had the opportunity to provide the Company with written notice of any and all concerns regarding suspected ethical and compliance issues or other wrongdoing on the part of the Company or any of the other Released Parties; and (v) I have reported any pending judicial and administrative complaints, claims, or actions I filed against the Company or any of the other Released Parties; provided that, in each case, I am not required to disclose to the Company any acts set forth in Section II.E. I am not entitled to compensation for any bonus plan, savings plan, incentive plan or benefit not specifically mentioned within this Agreement or the Resignation Agreement, including, but not limited to, any severance under the Company's Executive

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![](exhibit101008.jpg)

5 Severance Plan or the retention of any award under the Company's Executive Long-Term Incentive Plan. B. Company Property: I understand that as a condition to receiving any benefits hereunder, I will, to the extent not already done, and, in any event, by no later than five (5) days following the Separation Date, deliver to the Company all property and documents in my possession, custody or control, including, without limitation, credit cards, computers, phones, tablets, other electronic equipment, keys, instructional and policy manuals, mailing lists, computer software, financial and accounting records, client lists, correspondence, notes, memoranda, specifications, reports and files, and any other Argo Group property (including any documents or other materials containing Confidential Information or any other material received from Argo Group) and agree not to retain copies of any such materials. All Company devices (laptops, phones, tablets, and the like) must be returned "as is" and not "wiped" or otherwise altered, and without any files stored on such device being destroyed, deleted, or modified in any way. To the extent I have any of the foregoing documents in my possession, custody or control in electronic form (for example, in my personal cloud storage or email account or on a personal computer), I agree to identify such documents to the Company, to deliver identical copies of such documents to the Company (if the Company so requests), and to follow the Company's instructions regarding the permanent deletion or retention of such documents. The requirements of this Section III.B shall not apply to publicly available documents or documents relating directly to my own compensation and employee benefits. The property and documents which must be returned to the Company pursuant to this Section III.B must be returned whether in my possession, work area, home, vehicle or in the wrongful possession of any third party with my knowledge or acquiescence, and whether prepared by me or any other person. I agree that I will sign a certification, affidavit or any other document representing that I have fulfilled the obligations of this Section III.B, as the Company may request, and deliver it to the Company. C. Pursuit of Released Claims: Without limiting Section II.E, I affirm that I have not filed, have not caused to be filed, and am not presently party to, any actions, grievances, arbitrations, complaints, claims or other legal proceedings against or relating to any Released Party in any forum. For the sake of clarity, this Section does not include, and I am not required to disclose, any complaints, charges, claims or other proceedings brought before the SEC or other federal agencies as provided in Section II.E. Further, without limiting Section II.E, and subject to my right to challenge the validity of the release of ADEA claims set forth in this Agreement, I understand and agree that if I file any action released by this Agreement, (i) the Released Parties shall be entitled to an award of any legal fees or other costs they incur in such action and (ii) the Company shall have the right to recover from me the full pre-tax amount of the additional lump sum cash payment received by me under my Resignation Agreement and to seek repayment of the full pre-tax amount (inclusive of tax gross-ups) of the relocation assistance payment previously received by me and set forth in the Resignation Agreement

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![](exhibit101009.jpg)

6 (and the Argo Group's waiver under the Resignation Agreement of such repayment obligation will be null and void). D. Taxes: Regardless of any action taken by the Argo Group, I am ultimately responsible for paying any taxes on amounts I receive because I signed this Agreement and the Resignation Agreement. Neither the Company nor any Released Party has made any representation about the tax consequences of any amount received by me pursuant to this Agreement or the Resignation Agreement, other than in this Section III.D. E. Ownership of Claims: I have not assigned or transferred any Claim I am releasing, nor have I purported to do so. I understand and agree that in addition to any other remedies, rights or defenses that may be available to the Released Parties by virtue of this Agreement or my breach hereof, I agree that I will pay the reasonable attorneys' fees, costs, expenses and any damages the Released Parties incur as a result of my breach of this representation or if this representation was false when made. F. No Disparagement or Harm: Without limiting Section II.E, consistent with my obligations under Section 9 of my Fair Competition Agreement and Section 6 of my Participation Agreement (each defined in the Resignation Agreement), I agree that I will not make, publish, or communicate (including on the Internet or on social media) to any person or entity or in any public forum any maliciously false, defamatory, or disparaging remarks, comments, or statements concerning the Argo Group or its businesses, or any of its employees, officers, or directors and its existing and prospective customers, suppliers, investors, and other associated third parties, now or at any time in the future. G. Implementation: I agree to sign any documents and do anything else that is necessary in the future to implement this Agreement. H. Confidential Information: I expressly recognize and acknowledge that during my employment with the Company, I was provided with confidential information and confidential documents concerning, the Company and other members of the Argo Group and their respective directors, officers, employees, shareholders, business plans, financial information, portfolios, investments, clients, customers, business, strategies and activities (collectively, "Confidential Information"). Without limiting Section II.E: (i) I agree to maintain all Confidential Information, including, but not limited to, documents prepared by or at my direction in the course of my employment with the Company, as strictly confidential; (ii) I understand and agree that I shall not, at any time, without the prior written consent of the Argo Group's General Counsel, disclose any Confidential Information in any manner whatsoever, in whole or in part, or use it, directly or indirectly, for any purpose whatsoever at any time; and (iii) I further understand and agree that the definition of Confidential Information shall be construed as broadly as possible, and, to the extent I am uncertain whether information or a document constitutes Confidential Information, I will treat it as Confidential Information absent express written

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![](exhibit101010.jpg)

7 consent from the Argo Group's General Counsel to disclose or otherwise use it. I recognize and acknowledge that a breach of this Section IV.H will cause irreparable damage to the Company and/or other members of the Argo Group, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly, in the event of a breach or threatened breach of this Section III.H by me, in addition to any other remedy that may be available at law or in equity (which the Company and each other member of the Argo Group expressly reserves the right to seek), the Company and the other members of the Argo Group shall be entitled to specific performance and/or injunctive relief from a court of competent jurisdiction, without the requirement to post bond. For the sake of clarity, each member of the Argo Group is a third-party beneficiary to this Section III.H. I. This Agreement is to be Kept Confidential: Without limiting Section II.E, I agree not to disclose – and that I have not disclosed – the underlying facts that led up to this Agreement or the Resignation Agreement or the terms, amount, or existence of this Agreement or the Resignation Agreement to anyone other than a member of my immediate family, attorney, or other professional advisor and, even as to such a person, only if the person agrees or agreed to honor this confidentiality requirement. Any such person's violation of this confidentiality requirement will be treated as a violation of this Agreement by me. J. Post-Employment Obligations: I understand and acknowledge that all of my post-employment obligations to the Argo Group, including, but not limited to the Continuing Covenants (defined in the Resignation Agreement), remain in full force and effect and that the covenants in this Agreement are in addition to, and shall not supersede or be deemed to be in lieu of, any Continuing Covenants. K. Permitted Disclosures: Notwithstanding any term of this Agreement, I acknowledge and understand that, pursuant to 18 USC § 1833(b), I will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret of the Company or any other Released Party that (i) is made (a) in confidence to a federal, state, or local government official, either directly or indirectly, or my attorney and (b) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. I understand that if I file a lawsuit for retaliation by the Company or any other Released Party for reporting a suspected violation of law, I may disclose the trade secret to my attorney and use the trade secret information in the court proceeding if I (X) file any document containing the trade secret under seal, and (Y) do not disclose the trade secret, except pursuant to court order. Nothing in this Agreement, or any other agreement that I have with the Company or any other member of the Argo Group, is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.

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![](exhibit101011.jpg)

8 IV. REVIEW AND REVOCATION A. Review: I acknowledge that (i) I carefully read this Agreement; (ii) I fully understand this Agreement; (iii) I am entering into this Agreement knowingly and voluntarily; and (iv) I have the full power, capacity, and authority to enter into this Agreement. I acknowledge that the Company advised me in writing to consult with an attorney (at my own expense) before signing this Agreement, and that I have been given the opportunity to seek the advice of counsel. I acknowledge that I am executing this Agreement, including the release of claims in Section II, in exchange for good and valuable consideration that is in addition to anything of value to which I am otherwise entitled. B. Consideration and Revocation Periods, Other Information: I acknowledge that the release of claims in Section II specifically applies to any rights or claims I may have against the Released Parties pursuant to the ADEA. I acknowledge that I have twenty-one (21) days following my receipt of this Agreement (the "Consideration Period") to consider this terms of this Agreement and sign and return this Agreement; however, I may sign and return this Agreement before the expiration of the Consideration Period. In no event can I sign this Agreement prior to the Separation Date. I understand that I must return this signed Agreement to the Argo Group's General Counsel (Michael Tiliakos) at michael.tiliakos@argogroupus.com prior to the expiration of the Consideration Period to be entitled to the Release Consideration. If I choose to sign and return this Agreement before the end of the Consideration Period, it is because I freely chose to do so after carefully considering its terms. Additionally, I understand and acknowledge that I shall have seven (7) calendar days from the date I sign this Agreement (the "Revocation Period") to revoke this Agreement by delivering a written notice of revocation within the Revocation Period to the Company representative at the email address stated above. If the Revocation Period expires on a weekend or holiday, I will have until the end of the next business day to revoke. This Agreement will not become effective until the eighth (8th) calendar day after the date on which I execute it, which shall be the "Effective Date" of this Agreement. If I do not sign and return this Agreement on or before the expiration of the Consideration Period, or if I revoke this Agreement within the Revocation Period, the Company will have no obligation to provide me with the Release Consideration. I agree with the Company that changes to the offered consideration or the language in this Agreement or the Resignation Agreement, whether material or immaterial, do not restart the running of the Consideration Period. V. MISCELLANEOUS A. Entire Agreement: This Agreement and the Resignation Agreement is the entire agreement between the Company and me regarding my termination of employment with the Argo Group. Any prior agreements between or directly

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9 involving the Company and me are superseded by this Agreement and the Resignation Agreement, except that the Continuing Covenants and any other prior agreements related to inventions, business ideas, confidentiality of corporate information, and unfair competition remain intact. After the Effective Date, this Agreement may not be modified or canceled in any manner except in writing signed by the Argo Group's General Counsel and me. I acknowledge that the Company has made no representations or promises to me regarding my termination of employment with the Argo Group other than those in this Agreement and the Resignation Agreement. If any provision in this Agreement is found to be unenforceable, all other provisions will remain fully enforceable. The provisions of this Agreement are severable, and if any part of this Agreement is found by a court of law to be unenforceable, the remainder of this Agreement will continue to be valid and effective. B. Successors: This Agreement binds my heirs, administrators, representatives, executors, successors, and assigns, and will inure to the benefit of all Released Parties and their respective heirs, administrators, representatives, executors, successors, and assigns. C. Interpretation: This Agreement shall be construed as a whole according to its fair meaning. It shall not be construed strictly for or against me or any Released Party. Unless the context indicates otherwise, defined terms include the plural as well as the singular and vice versa, and references to Sections, subsections, and clauses are references to Sections, subsections, and clauses to this Agreement. Captions are intended solely for convenience of reference and shall not be used in the interpretation of this Agreement. D. Non-Admission: The Parties agree that this Agreement, and compliance with this Agreement, shall not be construed as an admission by the Company of any liability whatsoever, or as an admission by the Company of any violation of my rights or the rights of any person. The Company specifically disclaims any liability to me or any other person, or for any alleged violation of any order, law, statute, duty, or contract on the part of the Company or any of the other Released Parties. E. Governing Law and Enforcement: This Agreement shall be governed by the statutes and common law of the state of New York without giving effect to the conflicts of law principles thereof. F. Form of Agreement and Executed Counterparts: The Parties agree that facsimile, scanned, PDF or email copies of this Agreement shall be considered as a legal original and signatures thereon shall be legal and binding, and that this Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. G. Waiver: Neither the waiver by either of the Parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the failure of either of the Parties, on one or more occasions, to enforce any of the provisions of this

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10 Agreement or to exercise any right or privilege hereunder, shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights or privileges hereunder. H. Cooperation: Consistent with Section 7 of my Participation Agreement, I agree that, after the Separation Date, I will make myself available, upon reasonable notice and under reasonable conditions, to respond to inquiries and requests for information and assist the Company in any capacity with respect to matters of which I was involved or had knowledge as a result of my employment with the Company, including, but not limited to, providing information in connection with the Company's operations. I further agree to provide reasonable assistance to the Argo Group and its respective representatives in defense of any claims that have been or may be made against the Company or any other member of the Argo Group, and will assist the Argo Group in the prosecution of any claims that have been or may be made by the Argo Group, in each case, to the extent that such claims may relate to the period of my employment with the Company. My assistance shall include, but not be limited to, cooperating with, and meeting with, and providing information to, counsel of the Argo Group and providing honest and truthful testimony. The Parties agree that upon presentation of appropriate documentation, the Company shall pay or reimburse me for all reasonable out-of- pocket travel, duplicating or telephonic expenses incurred by me in complying with this Section V.I. The Parties further agree that, to the extent that I am required to spend substantial time on such matters, the Company shall compensate me at an hourly rate based on my base salary (or actual hourly rate, as the case may be) in effect on the Separation Date. THIS IS A LEGALLY ENFORCEABLE DOCUMENT. I acknowledge and agree, by my signature to this Agreement, that I have carefully read and understood all provisions of this Agreement, and that I have entered into this Agreement, which includes a release of known and unknown claims, knowingly and voluntarily. _______________________________ Jessica Buss _______________________________ Argo Group International Holdings, Inc. Date: ___________________________ By: Michael Tiliakos Title: General Counsel and Secretary Date: April 2, 2025 April 2, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;Annex B Fair Competition Agreement Participation Agreement (see attached)

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## Exhibit 31.1

**Exhibit 31.1**

**Rule 13a-14(a)/15d-14(a)**

**Certification of the Chief Executive Officer**

I, Christopher Donahue, Chief Executive Officer of Argo Group International Holdings, Inc., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Argo Group International Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: August 7, 2025 | /s/ Christopher Donahue |
| | Christopher Donahue |
| | Chief Executive Officer |

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## Exhibit 31.2

**Exhibit 31.2**

**Rule 13a-14(a)/15d-14(a)**

**Certification of the Chief Financial Officer**

I, David Chan, Chief Financial Officer of Argo Group International Holdings, Inc., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Argo Group International Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: August 7, 2025 | /s/ David Chan |
| | David Chan |
| | Chief Financial Officer |

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## Exhibit 32.1

**Exhibit 32.1**

**Certification of CEO Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report on Form 10-Q of Argo Group International Holdings, Inc. (the "Company") for the quarterly period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Christopher Donahue, as Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| **\*** | **\*** | **\*** |

---

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| | |
|:---|:---|
| Certified this 7th day of August 2025 | /s/ Christopher Donahue |
| | Christopher Donahue |
| | Chief Executive Officer |

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## Exhibit 32.2

**Exhibit 32.2**

**Certification of CFO Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report on Form 10-Q of Argo Group International Holdings, Inc. (the "Company") for the quarterly period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), David Chan, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002 that, to the best of his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| **\*** | **\*** | **\*** |

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| | |
|:---|:---|
| Certified this 7th day of August 2025 | /s/ David Chan |
| | David Chan |
| | Chief Financial Officer |

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