Argo Group Revenues Up 12.9% To $391m
Argo Group International Holdings has reported revenues of $391m for the fourth quarter of 2009, an increase of 12.9% compared to $346m for the same period last year.
The company's gross written premiums for the fourth quarter increased 9.3% to $415m from $380m in the year-ago quarter. Net operating income was $31.5m compared to $28.7m for the same period last year.
For the fourth quarter of 2009, the company has posted net income of $41m, or $1.33 per share compared to $11.8m, or $0.38 per share for the same period last year.
For the full year 2009, the company has reported revenues of $1.54bn compared to $1.25bn in 2008. Gross written premiums increased to $1.99bn from $1.6bn last year. Net income in 2009 increased to $117.5m from $62.9m in 2008.
Mark Watson III, chief executive officer of Argo Group, said, “Our record 2009 results and continued growth in book value per share reflect the benefit of our diversified business platform, which affords us maximum flexibility in deploying capital.
“Looking ahead, what’s most exciting is that we are beginning to leverage the entire potential of our international platform through higher margin opportunities worldwide. We believe this platform differentiates Argo Group in the specialty insurance market.”
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