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.
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