Argo Group International Holdings Ltd. has announced it has entered into an accelerated share repurchase agreement with Goldman Sachs & Co. for $17.5 million of its common stock.

In addition, Bermuda-based Argo recently repurchased approximately $12.5 million of its common stock, representing approximately 430,000 common shares.

The $30 million of common stock repurchases have been made under, and are consistent with, Argo Group's previously announced $150 million stock repurchase programme authorised by its board of directors in November 2007.

As of December 31, 2009, Argo Group had approximately 31 million shares of common stock outstanding. After executing these repurchases, Argo Group's common stock outstanding is expected to be reduced by approximately one million shares.

These share repurchases follow Argo Group's reinstatement of a quarterly cash dividend on the company's common stock of 12 cents per share, announced on February 19.

Argo Group CEO Mark Watson said: "The repurchase of our stock at today's market levels represents a prudent use of capital and a compelling trade for our shareholders. Together with our board's recent quarterly dividend authorisation announced in mid-February, we are pleased to be in a position to return capital to shareholders."