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Argo profit rises by $21m

Mark Watson, CEO of Argo Group

Argo Group International Holdings has announced net income of $55.2 million for the third-quarter — up nearly $21 million on the same period in 2015.

The figure is equivalent to $1.80 per common share, compared to $1.13 a year ago. Operating income for the quarter was $34.4 million, or $1.12 per diluted share.

Mark Watson, CEO of the group, said: “Continued improvement in our underwriting results combined with strong alternative investment returns contributed to growth in book value per share, delivering real value to our shareholders.

“By almost all measures, our business continues to show year over year improvement.”

Gross written premiums rose 10.2 per cent to $585.4 million, compared with $531.4 million in the third-quarter of 2015.

The firm recorded $32.7 million in investment income, up from $18.4 million in the third-quarter of 2015.

Argo estimated pre-tax catastrophe losses at $12.9 million for the quarter, compared to $13.1 million in the same period last year.