Specialty (re)insurer benefits from 'diversified business platform’ and lack of storm activity

Argo Group has released record financial results for 2009.

The specialty insurance and reinsurance company says gross written premiums increased 24.2% to $2bn versus $1.6bn for the previous year. Total revenue increased 23.7% to $1.5bn compared to $1.2bn in 2008;

Net income increased 87% to $117.5m and net pre-tax operating income, or pre-tax income before net realised investment gains and losses, impairment of intangible asset charges and foreign currency exchange gains and losses, grew to a record $164.8m compared with $122.0m in the prior year.

Argo Group’s chief executive officer, Mark Watson, said: “Our record 2009 results and continued growth in book value per share reflect the benefit of our diversified business platform, which affords us maximum flexibility in deploying capital. Looking ahead, what’s most exciting is that we are beginning to leverage the entire potential of our international platform through higher margin opportunities worldwide. We believe this platform differentiates Argo Group in the specialty insurance market.”