Argo Group International Holdings has posted net income of $24m, or $0.92 per diluted share, up 10% from a net income of $21.6m, or $0.78 per diluted share during the same period last fiscal.
Argo Group CEO Mark E Watson III said, "Each of our four business segments generated top line growth in the quarter and three of our four businesses reported an underwriting profit. It’s good to be heading in the right direction."
Gross written premiums were $474.2m, up $67.5m or 16.6% over the second quarter of 2011, while pre-tax income stood at $25m, down $5.7m from $30.7m.
Its pre-tax operating income was $17.9m against $2.6m in the second quarter of 2011, while net operating income per diluted share was $0.55 against $0.08 during the first six months of 2011.
Estimated pre-tax catastrophe losses, net of reinsurance and estimated reinstatement premiums, stood at $3.9m compared to $31.9m during the same period last year.