Argo Group International Holdings Ltd posted a net loss of $92 million during the first quarter of 2011 as catastrophe losses totalling more than $110 million took their toll.The re/insurance company had previously made a profit of $20.7 million for the same period in 2010.Total revenue was also down at $297.2 million from $372.3 million, while the company also made a net pre-tax operating loss widen to $86.4 million versus a net pre-tax operating income of $12.2 million in the prior-year quarter.Estimated pre-tax losses attributable to first quarter catastrophes net of estimated reinstatement premiums totalled $113.1 million compared to $29.1 million in the first quarter of 2010;Meanwhile, Argo’s combined ratio net of catastrophes and prior year reserve development was 99.5 percent versus 99.4 percent for the same period last year, and its net after-tax operating loss per share was $2.82 versus net after-tax operating income of 32 cents per share in the first quarter of 2010.Book value per share was $55.59 at March 31, 2011, an increase over the previous year from $53.81 at March 31, 2010.Argo Group’s CEO Mark Watson III said: “Catastrophic events had a significant impact on our first quarter results, however our balance sheet remained strong and we are seeing some improvement in market conditions. We will continue to exercise a disciplined approach to underwriting, pursue niche market opportunities with higher margin, reduce expenses and make the difficult but appropriate changes to our infrastructure to most effectively compete in any phase of the cycle.”Included in the results for the first quarters of 2011 and 2010 were unfavourable prior year reserve development of $2.7 million and favourable prior year reserve development of $11 million, respectively.Earned premiums for the first quarter of 2011 were $261.4 million versus $323.5 million during the same period last year.Net investment income for the three months ended March 31, 2011 and 2010, was $33.4 million and $33.8 million, respectively.The Group combined ratio for the first quarter of 2011 was 143.8 percent, which included 43.3 ratio points for catastrophe losses.During the first three months of 2011, Argo Group repurchased $17.3 million or 479,790 shares of its outstanding common stock, which represents 1.5 percent of shares outstanding at December 31, 2010.