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argo group international (AGII) Key Developments

Argo Group International Holdings, Ltd. Declares Quarterly Cash Dividend Payable on December 15, 2014

Argo Group International Holdings, Ltd. announced that its board of directors has declared a quarterly cash dividend of $0.18 per share on the company's common stock. The dividend will be paid on December 15, 2014, to shareholders of record on December 1, 2014.

Argo Group Mulls Acquisitions

Argo Group International Holdings, Ltd. (NasdaqGS:AGII) intends to pursue acquisitions. "Acquisitions I would say have always been on the table, but for a couple of years when we were consolidating the three businesses together, meaning the original Argonaut, the Bermuda company, and the Lloyd's platform, that's pretty much done now. We've been looking at a number of opportunities over the last couple of years which we've talked about from time to time on calls. But things just haven't been a really good fit, mainly because of price. And while we'd like to give critical mass soon rather than later and acquisitions help us do that to the extent that they are in line with our business strategy, we haven't found the right thing that we are willing to pay up for. But we are going to keep looking," Mark Watson, Chief Executive Officer, said.

Argo Group International Holdings, Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Argo Group International Holdings, Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, total revenue was $372.9 million against $364.0 million a year ago. Income before income taxes was $48.3 million against $32.9 million a year ago. Net income was $44.7 million or $1.69 per diluted share against $31.0 million or $1.12 per diluted share a year ago. The company's operating earnings were $0.89 per share compared to $0.80 in the comparable quarter last year, or an increase of 11%. For the quarter, the company produced consolidated gross written premiums of $497 million, which is up slightly from the year-ago period. Net investment income totaled $20.8 million in the third quarter. Investment income was flat quarter-on-quarter and down $3.3 million versus the same quarter of last year. For the nine months, total revenue was $1,106.7 million against $1,069.6 million a year ago. Income before income taxes was $135.7 million against $113.2 million a year ago. Net income was $123.5 million or $4.63 per diluted share against $95.4 million or $3.41 per diluted share a year ago. The company's operating earnings grew to $2.72 per share from $2.24 in the same period of 2013, or an increase of 21%. The company's underwriting income was $40.6 million, up from $15.7 million in the same period of 2013. At September 30, 2014, book value was $62.99, up 9.8% over the past 12 months, and tangible book value per share was up even more at 11.5% year-over-year. Consolidated gross written premium was $1.48 billion compared to $1.475 billion in the same period of 2013.

Argo Group International Holdings, Ltd. Names Nigel Mortimer as Executive Vice President, Strategy and Business Development

Argo Group International Holdings, Ltd. announced that, subject to Bermuda Immigration approval, Nigel Mortimer will take on the newly created role of Executive Vice President, Strategy and Business Development. In addition to this new appointment, Mr. Mortimer will continue to lead Argo's insurance operations in Bermuda. Prior to joining Argo, Mr. Mortimer served as Head of Product Development for XL Insurance.

Argo Group International Holdings, Ltd. to Report Q3, 2014 Results on Oct 30, 2014

Argo Group International Holdings, Ltd. announced that they will report Q3, 2014 results at 5:00 PM, Eastern Standard Time on Oct 30, 2014

 

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