Insurance company Argo Group International Holdings has reported net income of $23.5 million, or $0.76 per diluted share for the fourth quarter ended December 31, 2007, compared to $31.4 million, or $1.42 per diluted share for the corresponding period in 2006.
Total revenue was $265.4 million for the fourth quarter of 2007, compared to $243.1 million for the same quarter in 2006.
For the full-year period ended December 31, 2007, net income was $143.8 million, or $5.58 per diluted share compared to $106 million, or $4.82 per diluted common share in 2006. Total revenue was $1 billion for the full-year period of 2007, compared to $938.7 million in 2006.
Mark Watson III, president and CEO, said: In 2007, Argo Group successfully established a unique international specialty insurance platform that will help drive our company’s future growth and geographic expansion in new markets. With the period of transformation behind us, our full focus in 2008 is dedicated to capitalizing on new opportunities for which we are well positioned to pursue.