TORONTO (S&P Global Ratings) Feb. 12, 2020--On Feb. 12, 2020, Argo Group International Holdings Ltd. (NYSE: ARGO), parent of Argo Group US Inc. (BBB-/Negative/--), announced $107 million of adverse reserve development and $54 million of various other charges in fourth-quarter 2019. As a result, S&P Global Ratings expects Argo to generate a full-year 2019 underwriting loss with a combined ratio of 109%-112% and an overall break-even to a small net loss for the year. In view of governance-related outstanding issues, 2019 underperformance, and a subsequent change in CEO, these charges, to us, portray the company's attempt to address international business shortfalls, and its elevated operating expenses. The underway review of its various businesses and overall strategy will remain the focus
