Third Quarter Earnings Reports: Argo Group

Q3 2011 Q3 2010
Gross premiums written $448.5 mn $398.3 mn
9 months — 2011 2010
$1.203 bn $1.238 bn
Net premiums earned ——- $268.2 mn $288.9 mn
9 months – 2011 2010
$800.9 mn $936.9 mn
Net income (loss) ———– ($12.1 mn) $23.0 mn
9 months 2011 2010
($83.8 mn) $69.8 mn
Net operating income (loss) —– ($11.9 mn ) $25.7 mn
9 months 2011 2010
($97.8 mn) $56.5 mn
Q3 2011 Q3 2010
Net realized Investment gain – $3.9 mn $9.1 mn
9 months 2011 2010
$37.7 mn $28.6 mn
Net investment income —— $30.0 mn $33.6 mn
9 months 2011 2010
$96.3 mn $100.5 mn

Q3 Combined ratio 114.1 percent (101.3 percent in Q3 2010);
Nine months 122.4 percent (2010 103.1 percent)

Argo Group’s CEO Mark E. Watson III, commented:, “It has been a challenging quarter in a year of significant catastrophe activity for the industry. We are pleased, however, that the overall financial strength of the Company remains sound. In addition, the growth in premiums written we achieved in the quarter will benefit our results in the future. The platform that we have built and the strategic actions we have taken position us well to achieve sustained profitable growth.”

The full report, as well as additional and supplemental information and instructions for accessing the earnings conference call may be obtained on the company’s website at: www.argolimited.com.