Argonaut Reports Loss, Reorg Plan
NU Online News Service, March 13, 2:20 p.m. EST?Argonaut Group Inc., which reported a $105.3 million net loss for its last quarter, announced a number of strategic initiatives and reorganizations, including cutting its workforce by 15 percent, or up to 70 jobs.
The San Antonio, Texas-based insurer said its fourth-quarter loss was due to a $52.8 million strengthening of asbestos reserves for its Argonaut Insurance Company's run-off lines as well as a write-down for the value of a deferred tax asset. During its fourth quarter a year ago, the company had posted a smaller loss of $600,000, or $0.03 per diluted share.
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