Two Bermuda-based carriers released third quarter financial results today with Argo Group reporting improved financial results and Alterra Capital Holdings seeing a drop in net income due partly to crop losses.
Argo Group International Holdings Ltd. posted “another quarter of improved results with profitable growth in three of our four business segments,” says Mark E. Watson III, CEO of Argo Group. “The environment for both underwriting and investing remains challenging but our focus on expanding our business while improving our operating margins continues to yield results.”
For the third quarter of this year, the company reports net income of more than $13 million, compared to a net loss of $11 million in the third quarter of 2011. Gross written premiums were $485.5 million, an increase of $37 million or 8 percent over the third quarter of 2011.
For the nine months of this year, net income stood at $57 million compared to a net loss of $83 million last year. Gross written premiums increased by $153 million, or 13 percent, to $1.4 billion.
Estimated pre-tax catastrophe losses net of reinsurance and estimated reinstatement premiums for the third quarter were $14 million, down from to $27 million in 2011. The combined ratio was 102.3 compared to 113.3 for the same period last year.
Alterra Capital Holdings Ltd., says third-quarter net income was $38 million compared to net income of $48 million for the same period in 2011. The drop was caused by crop and storm losses, the company's President and CEO, W. Marston “Marty” Becker, said in a statement.
“Premium rates continue to firm at a measured pace, but with variation across product lines,” says Becker. “We believe our diversified underwriting strategy, by both product line and geography, positions us well to capture favorable underwriting opportunities as they arise, even as we continue to limit our exposure in lines that we think are inadequately priced.”
The combined ratio of the company's property and casualty business stood at 99.9 compared to 87.7 for the same period last year.
For the nine months, net income grew by $161 million to $196 million. Net premium written stands at $1.08 billion, compared to $1.21 billion last year.
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