Bermudian-based global insurer and reinsurer Argo Group International Holdings has announced profits of $30.9 million for the second quarter.

The net income figure was up $3 million on the $27.9 million for the same period last year.

This quarter’s profit is equivalent to $1 per diluted share, compared to 89 cents for the corresponding period in 2015.

Gross written premiums were also up year-on-year, by 0.5 per cent to $560.6 million from $557.8 million.

However, estimated pre-tax catastrophe losses also jumped, up $20.4 million to $22.7 million.

Net investment income was $35.7 million, an increase of $11.3 million.

The company’s combined ratio was 95.6 per cent, up from 95.4 per cent.

Mark Watson, chief executive officer of Argo Group, said: “The geographic and product diversity of our business portfolio delivered real value again this quarter as we generated underwriting profit in line with a year ago despite the number of industry catastrophe related losses this quarter.

“In addition, our alternative investment income contributed strongly to the quarter’s results.”

The firm recorded pre-tax underwriting income of $15.3 million for the quarter, which was down $0.6 million compared with the same period in 2015.

Argo Group repurchased 374,973 shares’ worth of its common stock for a total price of $21 million during the quarter.

The company’s shares yesterday closed down three cents at $51.68 before the earnings report was released.