Argo Group International Holdings, an underwriter of specialty insurance and reinsurance products, has reported a net loss of $92.0m, or $3.34 per diluted share, for the first quarter of 2011, compared to a net income of $20.7m, or $0.67 per diluted share, for the same quarter last year.
The group said that these results were impacted by first quarter pre-tax catastrophe losses net of estimated reinstatement premiums of $113.1m.
In the first quarter of 2011, total revenue was $297.2m, compared to $372.3m in the year-ago quarter.
Earned premiums for the first quarter of 2011 were $261.4m, compared to $323.5m in the first quarter of 2010.
Argo Group CEO Mark Watson said that catastrophic events had a significant impact on the first quarter results, however Argo’s balance sheet remained strong and the company is seeing some improvement in market conditions.