Argo Group 2012 Third Quarter Results
Bermuda-based Argo Group International Holdings, Ltd. announced financial results for the three and nine months ended September 30, 2012.
“The Company posted another quarter of improved results with profitable growth in three of our four business segments,” said Argo CEO Mark Watson. ”The environment for both underwriting and investing remains challenging but our focus on expanding our business while improving our operating margins continues to yield results.”
For the three months ended September 30, 2012, Argo Group reported net income of $13.4 million or $0.52 per diluted share. In the third quarter of 2012, the Company produced net operating income after tax of $15.3 million or $0.59 per diluted share.
These results were impacted by third quarter 2012 pre-tax catastrophe losses, net of reinsurance and estimated reinstatement premiums, of $13.9 million, including $11.8 million from Hurricane Isaac. By comparison, the third quarter of 2011 produced a net loss of $10.8 million or $0.39 per diluted share.
In the third quarter of 2011, the Company produced a net operating loss after tax of $8.3 million or $0.31 per diluted share. Third quarter 2011 results were impacted by pre-tax catastrophe losses net of estimated reinstatement premiums of $26.7 million.
