Profits are up at Argo Group International Holdings, rising $18.6 million year-on-year in the first quarter to $58.8 million. That represents $1.36 per diluted share.

“Argo Group’s first quarter results represent an encouraging start to 2015,” said chief executive officer Mark Watson. “Our focus on improving margins and our total return investment strategy generated a 14.2 per cent annualised return to shareholders.”

Gross written premiums rose from $463.1 million to $476.7 million, a 2.9 per cent increase, while the combined ratio was 93.6 per cent compared to 95.5 per cent in the first quarter of 2014.

During the first three months of the year, Argo Group repurchased $18.1 million worth of its common stock, some 353,054 shares.

The underwriter of speciality insurance and reinsurance, with offices on Pitt’s Bay Road, saw its book value per share increase to $59.48, up 2.2 per cent since the start of the year.

Argo Group’s assets stood at $6.37 billion as of March 31. During the quarter the company reported an increase in gross written premiums in its excess and surplus lines, commercial speciality and Syndicate 1200. However, gross written premiums fell in the international speciality segment.