Profits at insurance and reinsurance firm Argo Group rose by more than $1 million in the third quarter compared to the previous year.

After-tax operating income for the July-through-September period hit $24.6 million compared to $23.5 million in the same period last year.

The 2015 quarterly figure is equal to 86 cents per share, compared to 81 cents per share for the third quarter of 2014.

Gross written premiums for the period were also up — a 6.9 per cent jump to $531 million. The figure for the corresponding period last year was $497.2 million.

Net income for the third quarter, however, showed a decline of $9.4 million to $35.3 million, equivalent to $1.24 per share.

The same quarter last year showed net income of $44.7 million or $1.54 a share.

Argo chief executive officer Mark Watson said: “Argo Group’s continued focus and commitment to specialty lines produced consistent underwriting profits across all of our business segments.

“In addition, we continue to selectively grow in our profitable niches.”

Pre-tax underwriting income increased by 10.9 per cent to $13.2 million in the third quarter from $11.9 million for same time last year.

Estimated pre-tax catastrophe losses more than doubled to $13.1 million compared to quarter three last year’s $5.5 million.

Over the quarter, Argo Group repurchased a total of 85,959 shares worth $4.8 million at an average price of $55.27 a share.