Argo Group announces quarterly cash dividend
Argo Group International Holdings’ board of directors has declared a quarterly cash dividend of $0.31 per share on the company’s common stock.
The cash dividend will be paid on September 15, 2021 to shareholders of record on August 31, 2021.
It comes as the specialist property/casualty underwriter company’s second quarter results revealed a net income of $67 million in the second quarter compared to a net loss of $5.4 million a year ago, while gross written premiums rose 2% to $815.3 million.
Meanwhile, its operating income in Q2 was $56.1 million compared to $3.6 million during the same period in 2020.
Improved underwriting margins and reduced catastrophe losses resulted in a combined ratio of 95.4% - the highest in two years.
The underwriter said it had strong growth in both its US and International businesses after adjusting for recent business exits and underwriting actions, and that market conditions remained favourable for continued growth.
Chief executive officer Kevin Rehnberg said in a statement that the good results were due to Argo’s focus on disciplined underwriting and strong investment contributions.
He added: “Our targeted growth efforts have accelerated across the company during 2021 and we remain optimistic about current market conditions and underwriting opportunities. We continue to focus on our strategic priorities of improving underwriting margins, reducing volatility and managing expenses. All of this is focused on generating superior shareholder returns over time.”
