Bermuda-based re/insurer Argo Group International Holdings Ltd beat analysts’ estimates, as profits for the second quarter rose to $24 million.The profit broke down to 92 cents a share, compared to net income of $21.6 million, or 78 cents per share, in the second quarter of 2011.Argo said net operating income was 55 cents per share, beating the consensus estimate of 51 cents expected by analysts tracked by Yahoo Finance.The company wrote significantly more business this year, with gross written premiums recorded as $474.2 million, an increase of $67.5 million, or 16.6 percent, over the same period last year.Catastrophe losses were also sharply lower this year. Estimated pre-tax catastrophe losses, net of reinsurance and estimated reinstatement premiums, were $3.9 million compared to $31.9 million in the second quarter of 2011.“It was another solid quarter in terms of profits and growth,” said Argo Group CEO Mark Watson. “Each of our four business segments generated top line growth in the quarter and three of our four businesses reported an underwriting profit. It’s good to be heading in the right direction.”Underwriting results varied among Argo’s different lines. The firm’s combined ratio — reflecting the proportion of premium dollars spent on claims and expenses — for the April through June period was 102.5 percent, an improvement from the 109.3 percent recorded last year.The combined ratio figures for the different businesses were Excess and Surplus Lines at 88.6 percent, Commercial Specialty at 117.4 percent, International Specialty at 71.1 percent and Syndicate 1200 at Lloyd’s at 98.9 percent.Included in the results for the quarter was favourable prior-year loss development of $4.1 million, versus $1.1 million in the same period in 2011.Book value per share was $58.74 at June 30, 2012, an increase of 5.6 percent from $55.60 at the end of last year.Yesterday, Argo’s shares rose 43 cents, or 1.4 percent, to close on $30.57, before the results were announced.During the second quarter, Argo repurchased $17.4 million of its outstanding common stock at an average share price of $28.76. During the first six months of 2012, the company repurchased $27.4 million or 940,922 shares of its outstanding common stock, which represents 3.6 percent of shares outstanding at the end of last year.