Argo expands in 2016 but profit declines

Argo Group, a specialty property and casualty re/insurer based in Bermuda, has boosted gross written premiums in 2016 but profits declined nevertheless.

Gross written premiums were up 7.6 percent at $2.16 billion in 2016 compared to the previous year. At the same time, net income fell to $146.7 million from $163.2 million over the period.

The combined ratio increased slightly to 96.2 percent compared to 95.0 percent in 2015.

Looking at Argo’s Syndicate 1200, 2016 gross written premiums were $625.5 million, up $25.4 million or 4.2 percent from $600.1 million in 2015. The company said that the 2016 results reflected competitive market conditions and a reduced participation on the syndicate.

However, for Argo’s international specialty sector, 2016 gross written premiums were $261.3 million, down $5.0 million or 1.9 percent from $266.3 million in 2015.

"These results demonstrate the value of a well-balanced and diverse portfolio of businesses as well as thoughtful asset allocation." said Argo Group CEO Mark Watson III. “The recently completed acquisition of Ariel Re provides us with additional presence and scale in both our Bermuda and London based operations."

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