Against a backdrop of market uncertainty caused by global change and a low growth Bermuda economy, the Argus Group reported an $18.6 million net loss attributable to shareholders.
According to the statement released on Friday: “This was caused by a large number of major medical claims and actions taken to complete the restructure of the Group’s balance sheet.”
Alison Hill, Chief Executive Officer of the Argus Group, said: “My job is to deliver long-term sustainable value to shareholders, customers, staff and community. Uncertainty in global geopolitics continues to drive economic challenges around the world.
“This in turn drives caution from consumers, reduces spending and further exacerbates economic constriction.