Argo profits increase 24% despite cat hit

Argo Group saw its bottom line increase by 24 percent despite a
preannounced $22.7mn catastrophe loss for the quarter.
The Bermuda-domiciled carrier reported after-tax operating
income of $37mn for Q2, up from $28mn for the same period last
year.
The result benefited from a $12.7mn favourable reserve
development that improved the combined ratio by 3.7 percentage
points and was more than double the $5mn reserve release it
announced for the same three months in 2015.
The carrier's consolidated com