According to the Complaint, Argo Group International Holdings, Ltd. is an underwriter of specialty insurance product in the property and casualty market.

The Complaint alleges that throughout the Class Period, Defendants touted that they closely monitored Argo’s underwriting policies and had the ability to set appropriate reserves, while cultivating a narrative that Argo had a long history of successfully managing its reserves and that the Company had a “prudent reserving philosophy.” The Complaint further alleges that, in reality, this narrative was false and misleading, that Argo’s reserves were wholly inadequate, that its underwriting standards were not prudent as represented, and that Argo had dramatically changed its underwriting policies on certain U.S. construction contracts as far back as 2018.

On January 18, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on March 28. Defendants filed a Motion to Dismiss the amended Complaint on May 26.

On December 12, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. On December 17, the Clerk of Court entered judgment.