Argo Group records loss of $61.3m
Pre-tax catastrophe losses estimated at $104.5 million impacted the third quarter earnings of Argo Group.
The Bermudian-based company reported an adjusted operating loss of $57.4 million, or $1.91 per share, compared to operating income of $34.4 million in the same quarter last year.
Net loss was $61.3 million, or $2.04 per share, down 213.3 per cent year-on-year, while the combined ratio was 126.5 per cent, up from 96.2 per cent a year ago.
Mark Watson, Argo Group CEO, said: “In a quarter dominated by natural catastrophe losses, Argo Group's risk and capital management framework was effective, together with our underwriting expertise and global platforms, it gives us the ability to react to the most attractive market opportunities as market pricing changes in reaction to these events.
“In addition, we continue seeing growth in many of our business lines as we leverage the ongoing investments in technology and talent.”
Gross written premiums were $805.1 million, up 37.5 per cent compared to the same period in 2016.
During the quarter, the company repurchased 565,534 of its shares, to a value of $33.8 million.
The book value of Argo Group shares at the end of the quarter was $60.96, up 2.1 per cent since the start of the year.