ARGO GROWS ACROSS ALL FOUR UNDERWRITING SEGMENTS

Argo generated 9% growth in gross written premiums during the first quarter amid expansion in all four of its underwriting segments. Gross written premiums totalled $519.8m for the three month period, up from $476.4m in the first quarter of 2015. Excess and surplus lines grew gross premiums 5% to $146.2m, Syndicate 1200 grew 14.2% to $162m, international specialty grew 7.2% to $70.2m and commercial specialty grew 8% to $141.4m. A combined ratio of 94% across its segments represented a year-on-year deterioration of 0.6 percentage points. Net income of $27.7m was down from $58.8m in last year’s first quarter. The quarter produced net realised investment losses of $2.8m, compared with gains of $11m in the first quarter of 2015. Mark Watson, Argo’s chief executive, said the performance represented a solid start to the year for Argo following record results in 2015.