Argo Group Beats Earnings Estimates (AGII)

Argo Group International Holdings, Ltd. AGII reports Q2 earnings of $0.49 versus estimates of $0.48. Argo Group International Holdings, Ltd. reports Q2 revenues of $362.4 million versus estimates of $350.50 million. Revenues decreased 10.3% year over year The company said that book value per share is now at an all-time high of $54.76, up 15.3% year over year and 1.8% sequentially. Argo Group's Chief Executive Officer, Mark E. Watson III, said, "Our results reflect the impact of several large loss events that occurred in the first half of the year, none of which have led to improved pricing. Given the highly competitive marketplace, our strategy is to reduce exposure where returns are inadequate as we evaluate and pursue additional opportunities that will provide higher returns now and over the longer term. Additionally, we continued during the second quarter to return capital to shareholders through additional repurchases of Argo Group stock and the payment of a dividend."