Profits rise at Argo Group
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.