Argo growth driven by surplus lines
Bermuda-based insurer Argo enjoyed solid growth and a rise in profits in the first quarter of 2014 with three of its four lines posting rises in gross written premium (GWP) during the period.
Its net income grew to $40.2 million, up from $32.7 million for the same quarter in 2013. Its GWP rose to $463.1 million in the quarter, an increase of $24.9 million or 5.7 percent, compared with $438.2 million in the same quarter of the previous year.
The rise was mainly driven by the carrier’s excess and surplus lines which grew by 9.7 percent to $140 million in GWP. International specialty and syndicate 1200 also reported growth in GWP with increases of 6.4 percent and 6 percent respectively.
Commercial specialty suffered a minor decrease in GWP to $105.9 million compared with $106.1 million in the first quarter of 2013.
Net written premiums also fell slightly to $276.8 in the first quarter compared with $279 in the prior year’s first quarter.
Its combined ratio was cut by 3.9 percentage points to 95.5 percent compared with 99.4 percent in the first quarter of 2013.
"Argo's first quarter results demonstrate continued progress on our initiatives to expand margins and grow our platform," said Argo Group chief executive officer Mark Watson.
"We remain focused on underwriting excellence and finding ways to expand our more profitable business lines while confronting a more challenging market environment."
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