Argo Group International Holdings, Ltd. (NYSE:ARGO) Q3 2019 Earnings Conference Call - Final Transcript
Nov 08, 2019 • 11:00 am ET
performance to turn around international? And would you consider selling or disposing of international if the turnaround is potentially unsuccessful?
Kevin J. Rehnberg
So with the U.S., we've been able to deliver solid double-digit growth for the last five years consistently in the low 90s range. In that time frame, we have sold businesses. We've shut down businesses. We've started new businesses. We've taken people who are running them well and moved them over. But we've managed to keep the headcount flat throughout that time frame. And I think that's important because over the last seven years, we've gone from $950 million of gross written premium to what's -- you can extrapolate where we're going to get to this year based on last year. But -- and that growth has been through the increased use of technology and building resources out. So when you apply that same principle outside of the U.S., the same type of opportunities are there. We really like the platforms we have because when you're servicing specialty customers, if you're not just providing underwriting claims or risk management services they value, sometimes these platforms are valuable. And having access to Bermuda is really helpful. Having a reinsurance company is helpful and having access to Lloyd's is helpful.
At this moment, Lloyd's, from an efficiency standpoint, not just for us, is a very expensive place for us to conduct business. So we can figure out how to improve that. Does that mean that some things like Asia get shut down? Sure. Does that mean that some may get sold? If people are interested in things, we'll always entertain. But whatever is put forth and if it makes sense, we'll do it. But as a whole, international is not one thing. We've got a Lloyd's platform. We've got a reinsurance business. We've got the Bermuda insurance business, and we've got European companies as well as the Brazil operations in Latin America. So we'll look at each one of them like we look at all the businesses, focus on the returns and put the capital that we have available in the places we're going to get the best returns. I hope that was helpful.
Okay, well, great. Yeah. Thank you for the answers.
And, ladies and gentlemen, we have reached the end of today's question-and-answer session. At this time, I'd like to turn the conference call back over to Mr. Mark Watson for any closing remarks.
Kevin J. Rehnberg
It's Kevin Renberg, but I would like to thank all of our employees for all the hard work they're doing. And I look forward to continuing moving forward with everybody to keep achieving good results. Thanks.
Jay S. Bullock
[Operator Closing Remarks].