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Argo Group Announces 2009 Third Quarter and Nine Month Results.

Article Excerpt
Company continues to produce strong sequential growth in book value per share in challenging rate environment

HAMILTON, Bermuda -- Argo Group International Holdings, Ltd. (NasdaqGS: AGII), an international underwriter of specialty insurance and reinsurance products, today announced financial results for the three and nine months ended Sept. 30, 2009.

Highlights for the three months ended Sept. 30, 2009:

* Total revenue was $383.8 million, up 9.2 percent over last year's third quarter;

* Net income was $27.6 million versus a net loss of $8.8 million for the same three months in 2008;

* Net operating income after tax was $25.4 million versus $12.2 million in the third quarter of 2008;

* Book value per share at Sept. 30, 2009, rose 7.4 percent to $51.04 from $47.51 at June 30, 2009, and has increased 15.5 percent year-to-date.

Highlights for the nine months ended Sept. 30, 2009:

* Total revenue was $1.16 billion versus $908.7 million for the first nine months of 2008;

* Net income was $76.5 million, an increase of 49.7 percent over the first three quarters of 2008;

* Net operating income after tax was $100.3 million versus $68.9 million for the nine months ended Sept. 30, 2008.

Argo Group's Chief Executive Officer Mark E. Watson III, said, "Despite the difficult, competitive environment in our underwriting businesses and the equally challenging investment landscape, I'm pleased we have continued to deliver solid value creation for our shareholders. This is evidenced by our growth in book value per share, which is up more than 15 percent since the beginning of the year and stands at a record $51.04 per share. This follows a year when our book value per share experienced a very modest decline, which was much less pronounced than others in our industry. During this period we have invested in Argo Group's underlying business infrastructure and broadened the expertise of our senior management team. Our prudent underwriting and reserving policies have resulted in continued favorable development of business written in prior years. I believe Argo Group, therefore, is well positioned to manage through the current environment and poised to take advantage of opportunities as they become available."

FINANCIAL RESULTS

For the three months ended...

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