Commercial specialty drives GWP increase at Argo in H1 2016

Argo Group’s gross written premiums (GWP) have increased to $1.08 billion in the first half of 2016, an increase of 4.4 percent from 2015, according to its 2016 mid-year report.

Argo said the main rise in GWP was due to its commercial specialty segment which reached $295.1 million in the first half of 2016, compared with $251.9 million in the same period of last year.

Its GWP in its excess and surplus segment increased slightly by 2.6 percent to $314.3 million in the first half of 2016, compared with $306.4 million in 2015, as well as a 1.5 percent increase in its syndicate 1200 segment GWP to $317.6 million in the first half of 2016.

However, there was a 6.1 percent decline in its GWP within its international specialty sector to $153.2 million in the first half of this year, compared with $163.1 million in the same period of 2015 and its combined ratio has increased by 0.3 percentage points to 94.8 percent in the first half of this year.

“The company’s performance is improving, and we’re now getting closer to meeting our own high expectations,” said Mark Watson, chief executive officer of Argo.

"While much of this comes from persistent focus on our longer-term strategy, our progress is due in great part to our employees’ commitment to execution and innovation. Today, we do our work faster and with fewer steps than before. We’re making the experience of working with Argo more simple, intimate and digital.”