Argo Group profits up 26.4% in 2018

Bermuda-based Argo Group had a particularly strong set of 2018 results, increasing its net income, amount of premiums written and achieving a combined ratio below 100.

Argo Group's net income was $63.6 million, up 26.4 percent from $50.3 million for 2017.

This was partially offset by a challenging fourth quarter, where the company posted a net loss of $43.6 million, compared with a net income of $28.9 million for Q4 2017.

Catastrophe losses incurred for the 2018 fourth quarter were $4.4 million.

Gross written premiums grew to $3.0 billion in 2018, up 9.6 percent year-on-year. The company's US operations grew 12.1 percent to $1.7 billion. International operations grew 6.4 percent to $1.3 billion.

"Our results in 2018 demonstrate the continued execution of our strategy to optimize the efficiency of the platform, grow in lines with the most profit potential and scale the business globally," said Mark Watson III, president and CEO.

“Our business has been performing well against a difficult market environment. We posted 9.6 percent growth in annual gross written premiums including a 12.1 percent rise in the US, improvements in current year margins, and a 260 basis point improvement in the annual expense ratio. While late year volatility in the investment markets masked the full impact of our solid results, we believe we are well positioned to continue to deliver strong shareholder value.”