PEMBROKE, Bermuda (AP) _ Argo Group International Holdings Ltd. (ARGO) on Monday reported second-quarter profit of $28.8 million.
The Pembroke, Bermuda-based company said it had net income of 83 cents per share. Earnings, adjusted for investment gains, came to 48 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
The property and casualty insurance underwriter posted revenue of $488.6 million in the period. Its adjusted revenue was $476.6 million, which missed Street forecasts. Three analysts surveyed by Zacks expected $478.4 million.
Argo Group shares have dropped slightly more than 2% since the beginning of the year. In the final minutes of trading on Monday, shares hit $65.69, an increase of 6.5% in the last 12 months.