NEW YORK (AP) — Specialty insurance company Argo Group International Holdings Ltd. said Thursday that its net income fell in the second quarter as catastrophe losses rose.
For the three months ended June 30, the company earned $22.8 million, or 82 cents per share. That's compared with $26.1 million, or 86 cents per share, in the year-ago period.
Excluding one-time items such as investment gains, operating income for the quarter was 14 cents per share. By that measure, analysts on average expected a profit of 3 cents per share, according to FactSet.
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