Argo Group Announces a 10% Stock Dividend and an Increase of Its Regular Quarterly Cash Dividend to $0.20 Per Share – a 22.2% Increase from Previous Quarters
Argo Group International Holdings, Ltd. (NASDAQ:AGII) , an international underwriter of specialty insurance and reinsurance products, announced today its Board of Directors has declared a 10% stock dividend. The stock dividend is payable on March 16, 2015, to shareholders of record at the close of business on March 2, 2015. Shareholders will receive cash in lieu of fractional shares.
In addition, the Board of Directors declared a quarterly cash dividend of $0.20 per share on the company’s common stock, compared to $0.18 per share in the previous quarter. The cash dividend will be paid on March 19, 2015, on a post-stock dividend basis, to shareholders of record at the close of business on March 2, 2015.
Including the effect of the stock dividend, the $0.20 per share cash dividend reflects a 22.2% increase to the amount declared in previous quarters.
As a result of the Board’s action, the outstanding shares of the Company’s common stock will increase by approximately 2.6 million shares, from 25.5 million shares outstanding to 28.1 million shares outstanding.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NASDAQ:AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Argo Group’s insurance subsidiaries are A. M. Best-rated ‘A’ (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo’s U.S. insurance subsidiaries are Standard and Poor’s-rated ‘A-‘ (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.argolimited.com.
This press release contains certain statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and also may differ materially from actual future experience involving any one or more of such statements. For a more detailed discussion of such risks and uncertainties, see Argo Group’s filings with the SEC. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo Group that Argo Group’s objectives will be achieved. Argo Group undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
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