BGB Reiterates Buy on Argo Group International Holdings

BGB is out with its report today on Argo Group International Holdings AGII, reiterating Buy. In a note to clients, BGB writes, "AGII has provided guidance for 2Q11 CAT loss of between $30M and $35M. The losses relate primarily to 2Q11 storms. Despite the number of storm losses, the loss magnitude of each of the storms has kept most of the losses within primary lines of business. We are lowering our 2Q11E EPS and book value estimates and have reiterated our BUY rating and $37 price target." Shares of AGII closed Monday at $29.76.