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Member, Beacon International Group, Ltd.
Hamilton, Bermuda-based Argo Group International Holdings, Ltd. reported second quarter net income of $38.6 million, a 21.8% increase over the same period last year on higher premiums and an improved combined ratio.
Second quarter 2013 results were hampered by a $5.9 million foreign currency exchange loss compared with a gain of $3.4 million in second quarter 2014.
Total revenues for the three months ended June 30 were up 3.1% to $375.2 million as net written premiums increased 2.1% to $398.3 million while net investment income decreased 18.6% to $20.6 million.
Argo’s second quarter combined ratio improved to 95.8% compared with 98.3% in the year-ago period.
“Argo Group delivered another quarter of solid results despite the challenges of an increasingly competitive market environment,” Argo Group CEO Mark E. Watson III said in the company’s earnings statement. “We remain focused on disciplined, profitable underwriting while growing our better performing books of business.”
For the six months ended June 30, net income was up 18.3% to $78.8 million.
Six-month revenues were up 4.2% to $735.3 million as net written premiums rose 0.9% to $675.1 million while net investment income decreased 17.5% to $43.9 million.
The company’s six-month combined ratio improved to 95.7% from 98.8% in the year-ago period.
Senior reinsurance executives in Bermuda have said a soft reinsurance market is likely in 2014 as recent trends lead to further declines in reinsurance rates, Artemis.bm reported.