The Bermuda-based Argo Group International Holdings, Ltd. (which includes the formerly Texas-based Argonaut Group) announced net income of $36.9 million for the first quarter of 2007, a 47 percent rise, while pretax operating income was a record $40 million.
Argo has also announced its intention to form a surety unit (See related article).
Other highlights included the following:
— The Commercial Specialty segment increased gross written premiums to $137.3 million via targeted adjacency products and acquisition;
— The International Specialty segment produced $50.3 million in gross written premiums;
— Total revenue was up 10.1 percent over the first quarter of 2007 to $258.1 million;
— Book value per share at March 31, 2008 was $46.36.
President and CEO Mark E. Watson III commented: “Our results in the first quarter reflect disciplined execution of our business plan, particularly in our Commercial Specialty and International Specialty segments. I am pleased E&S continues to perform well in a marketplace that is highly competitive, a condition we believe will continue in 2008. Our diversified international business platform is well designed to provide balance throughout the cycle and we are encouraged by the opportunities we see across business lines.”
The bulletin also noted that the ” financial results for the three months ended March 31, 2008 and 2007 include results of the predecessor to Argo Group, Argonaut Group Inc. As disclosed previously, the merger of PXRE Corporation and Argonaut Group closed Aug. 7, 2007. Accordingly, the financial results from that date forward represent the combined company. ”
Argo will conduct an investor conference call starting at 11 a.m. EDT (12 p.m. ADT) today Tuesday, May 6, 2008. A live webcast of the conference call can be accessed by visiting Argo Group’s investor relations Web site at: www.argolimited.com and clicking on the following links: Investors – News & Events – Webcasts. Participants inside the U.S. and Canada can access the call by dialing (888) 713-4214 (pass code 74675516). Callers dialing from outside the U.S. and Canada can access the call by dialing (617) 213-4866 (pass code: 74675516).
Shortly after the conclusion of the conference call, a webcast replay will be made available on the web site under: Investors – News & Events – Webcasts. In addition, a replay of the call will be available to callers dialing from inside the U.S. and Canada through June 6, 2008, by dialing (888) 286-8010 (pass code 46573771). Callers dialing from outside the U.S. and Canada can access the call replay by dialing (617) 801-6888 (pass code 46573771).
Source Argo Group
Topics USA Profit Loss Excess Surplus Training Development Canada
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