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Argo Group International Holdings (NYSE:ARGO), Inc. (NYSE:ARGD) reported Monday that it and American National Group Inc., an affiliate, are seeking regulatory approvals for an internal reorganization to consolidate property and casualty insurance operations under Argo Group.
According to a press release statement and SEC filing, the proposed reorganization would involve American National Group transferring its property and casualty subsidiaries—American National Property And Casualty Company and its subsidiaries (ANPAC), United Farm Family Insurance Company (UFFIC), and Farm Family Casualty Insurance Company and its subsidiaries (FFCIC)—to Argo Group. As currently planned, FFCIC would merge into Argonaut Insurance Company (AIC), which would remain a direct, wholly-owned subsidiary of Argo Group.
Preliminary estimates provided by Argo Group indicate that these property and casualty subsidiaries represented approximately 51% of the company’s total assets and 107% of total stockholders’ equity as of June 30, 2025. For the six months ended June 30, 2025, these subsidiaries accounted for about 5% of the company’s income before income taxes. For the year ended December 31, 2024, they achieved income before income taxes of $133 million, while Argo Group reported a loss before income taxes of $190 million. The company noted that these figures are preliminary and actual results may differ.
The closing of the reorganization remains subject to regulatory approvals and is expected to occur by year-end. No definitive agreement has been entered into regarding the transaction, and Argo Group stated there is no guarantee the reorganization or an anticipated capital contribution to American National Group will occur as described.
American National Group is not a subsidiary of Argo Group. The information was disclosed in connection with investor meetings beginning Monday, where American National Group is providing supplemental updates to prior disclosures.
This article is based on statements made in a press release and a filing with the Securities and Exchange Commission.
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