Third Quarter Earnings Reports: Argo Group

                                                              Q3  2011    Q3   2010          
Gross premiums written                 $448.5 mn   $398.3 mn
9 months  —  2011       2010
                   $1.203 bn  $1.238 bn
Net premiums earned        ——- $268.2 mn   $288.9 mn  
9 months – 2011           2010
               $800.9 mn  $936.9 mn      
Net income (loss)     ———–      ($12.1 mn)   $23.0 mn             
9 months     2011            2010
               ($83.8 mn)   $69.8 mn
Net operating income (loss)  —–  ($11.9 mn )  $25.7 mn
9 months   2011          2010
              ($97.8 mn)   $56.5 mn  
                                                        Q3 2011      Q3 2010
Net realized Investment gain -  $3.9 mn       $9.1 mn                   
9 months   2011          2010
              $37.7 mn    $28.6 mn
Net investment income   ——   $30.0 mn     $33.6 mn
9 months  2011            2010
             $96.3 mn    $100.5 mn

Q3 Combined ratio 114.1 percent (101.3 percent in Q3 2010);
Nine months 122.4 percent (2010 103.1 percent)

Argo Group’s CEO Mark E. Watson III, commented:, “It has been a challenging quarter in a year of significant catastrophe activity for the industry. We are pleased, however, that the overall financial strength of the Company remains sound. In addition, the growth in premiums written we achieved in the quarter will benefit our results in the future. The platform that we have built and the strategic actions we have taken position us well to achieve sustained profitable growth.”

The full report, as well as additional and supplemental information and instructions for accessing the earnings conference call may be obtained on the company’s website at: www.argolimited.com.

Latest Comments

• November 4, 2011 at 11:30 am

  Bob Weaver says:

  Interesting! This company is still underpricing the market and buying business in the Public Entity business in Ohio