Argo Group International Holdings has reported a record year for underwriting income, notching up just over $2 billion in gross written premiums for 2015. That is an increase of 5.6 per cent year-on-year.

The group, which has its headquarters on Pitts Bay Road, in Hamilton, made a profit of $41.2 million in the fourth quarter of 2015, down from the $59.7 million achieved during the same period a year ago.

Argo Group recorded total net income for the year of $163.2 million, compared with $183.2 million in 2014.

“This concludes a record year of underwriting income for Argo Group,” said Mark Watson, chief executive officer. “We continue to benefit from initiatives aimed at improving underwriting and simplifying business processes.

“For 2016, we will drive growth through innovation in products and distribution in our selected customer niches.”

The company saw pre-tax catastrophe losses rise to an estimated $5.2 million during 2015, compared with $3.8 million in 2014.

Gross written premiums totalled $2.012 billion, while after-tax operating income rose year-on-year from $94.1 million to $105.7 million.

The company’s full year net income, expressed per diluted share, was $5.72. In 2014 it was $6.27.

Argo Group has a market capitalisation of $1.5 billion. On the Nasdaq stock exchange yesterday its shares closed at $53.80, down 1.9 per cent.