Bermuda-based insurer Argo Group reported a $82.4 million net loss for 2011, citing “significant catastrophe activity”.

This result is compared to net income of $82.6 million in 2010.

“2011 was a challenging year for Argo Group and the industry given the significant catastrophe activity, and relative to competitors who were also exposed to international catastrophes, we performed relatively well,” said Argo Group chief executive officer Mark Watson.

“Further, I am more optimistic about the future in light of the positive trends we are seeing in the marketplace and this management team’s actions to position our four diverse businesses for profitable growth in 2012.”

According to Argo Group, 2011 results were impacted by pre-tax catastrophe losses (net of reinsurance and estimated reinstatement premiums) and aggregate reinsurance cover losses of $207.8 million and approximately $10 million, respectively. This is compared to catastrophe losses net of reinsurance and estimated reinstatement premiums of $73.3 million in 2010.

The company wrote more business in 2011, reporting $1.545 billion gross written premiums compared to $1.527 billion in 2010. The combined ratio was 119.9 percent compared to 103.2 percent in 2010.

Argo Group’s International Specialty (formerly Reinsurance) and Syndicate 1200 segments were hit with the heaviest losses with pre-tax operating losses reported at $71.8 million and $66.2 million for the year, respectively. Their Excess & Surplus Lines recorded an operating income of $64.6 million.