Earnings Report: Argo Group

Selected earnings highlights from the Bermuda-based Argo Group for the first quarter of 2012 are as follows:
                                                 Q1 2012            Q1   2011          
Gross premiums written ————       $396.3 mn       $347.8 mn
Net premiums written  —————      $241.2 mn        $244.4 mn
Net premiums earned  ————-          $277.3 mn       $261.4 mn  
Net income (loss) ——————–        $19.6 mn         ($94.1 mn)             
Pre tax operating income (loss)  ——- $17.9 mn          ($89.4 mn)
Net realized investment gains ———  $13.1 mn          $2.30 mn 
Net investment income —————-   $31.4 mn         $33.4 mn
Q1 combined ratio – 103.4 percent (144.9 percent in Q1 2011)

Argo Group CEO Mark E. Watson III commented:  “Our results this quarter show that last year’s actions and strategic initiatives are beginning to bear fruit. I am confident that, as this year progresses, we will see further evidence of action being translated into results.”

The complete report and information on accessing the earnings conference call may be obtained on the company’s website.

Source: Argo Group