Bermuda-based Argo Group reported a solid set of results in the second quarter of 2015 as it benefited from strong growth across its segments.
The company posted profits of $27.9 million in the second quarter of 2015, compared with $38.6 million in the same time period last year.
However, its gross written premiums (GWP) hiked 7.2 percent to $557.8 million in the quarter, compared with $520.1 million in the second quarter of 2014.
Its excess and surplus lines segment reported GWP growth of 11.6 percent to $196.2 million, compared with $175.8 million in the second quarter of 2014, primarily driven by growth in the core casualty product area.
Argo’s commercial specialty segment also posted a GWP increase of 10.6 percent to $92.5 million in the second quarter of 2015, compared with $83.6 million in the second quarter of 2014. The main drivers of growth were its programme business and Argo Surety.
Syndicate 1200 also reported top line growth. Its GWP increased to $168.2 million in the second quarter of 2015, an increase of 2.9 percent from the second quarter of 2014, primarily driven by growth in the marine and energy business and other new initiatives.
Argo’s international specialty segment, which includes its property reinsurance business as well as its insurance business in Bermuda and Brazil, posted a 3.2 percent increase in GWP to $100.5 million.
Combined ratio also saw a slight improvement at 95.4 percent for the second quarter of 2015, compared to 95.8 percent in 2014.
Mark Watson III, chief executive officer, said: "Argo Group’s second quarter results demonstrate continued momentum in the first half of 2015. The improvement in our underwriting income is a direct result of the ongoing focus on underwriting as well as a disciplined approach to profitable growth in our niche markets.”
Argo Group, Mark Watson III, Second Quarter 2015 Results, Bermuda