Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Good Progress At Argo Group

Argo Group (NASDAQ:AGII) has a good platform of excess & surplus and commercial specialty insurance, and the company's premium growth, loss ratios, and reserve developments have been typically been as good or better than peers over the last five years. The sticking point has been the company's uncommonly high expense ratio and its impact on reported returns. These shares have headed about 10% higher since I last wrote on them, and Monday's earnings suggest that optimism about better expense control and higher reported income is the correct position for now.

Mixed, But Basically Strong Results

Argo Group reported 6% growth in gross written premiums in the first quarter, near the high end of most expectations. Excess and surplus...

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