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Argo Group reports $44.7M third quarter net income

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Argo Group International Holdings Ltd. reported third quarter net income of $44.7 million, an increase of 44.2% from the same period last year on lower pre-tax catastrophe losses and an improved combined ratio.

Net written premiums for the three months ended Sept. 30 increased 1.6% to $380.5 million while net investment income dropped $13.7% to $20.8 million.

Revenues grew 2.4% to $372.9 million as the company’s combined ratio improved to 96.4% for the quarter from 97.5% during the year-ago period.

Argo said estimated pre-tax catastrophe losses for the quarter were $5.5 million, less than half the $11.3 in the third quarter of 2013

“Results for the third quarter of 2014 were solid,” said Agro Group CEO Mark E. Watson III in the Hamilton, Bermuda-based company’s earnings statement. “Our underwriting margins continue to steadily improve. Top line growth was modest as we continue to focus on our higher margin businesses while reducing in areas where we do not see sufficiently attractive returns.”

For the nine months ended Sept. 30, Argo’s net income increased 29.4% to $123.5 million.

Net written premiums rose 1.1% to $1.06 billion while net investment income dropped 16.3% to $64.7 million.

Nine-month revenue increased 3.5% to $1.11billion as the company’s combined ratio improved to 96.0% from 98.3% during the same period last year.

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