Argo Group International Holdings, Ltd. has reported a net loss of $3.6 million for the first quarter, the three months ended March 31, compared with net income of $27.2 million for the 2021 first quarter.

"We continue to execute on our strategic priorities of improving underwriting margins, reducing volatility and managing expenses,” said Argo executive chairman and interim chief executive officer Thomas A. Bradley.

“The success of these efforts is reflected in the results and provides a strong start to the year.

“We are pleased to report operating income of $43.4 million and an operating return on equity of 11.4 per cent for the first quarter 2022.

“The loss ratio was solid at 59 per cent, our catastrophe losses were significantly lower than a year ago, and the expense ratio of 36 per cent improved nearly two percentage points from the prior year first quarter.

“Looking forward, we are pleased with the opportunities for growth across our ongoing businesses and remain confident in achieving our 2022 financial objectives."

The company said net earned premium increased 3.1 per cent in the first quarter 2022 and strong net earned premium growth in continuing business of approximately 20.8 per cent.

The combined ratio was 95.0 per cent for the first quarter 2022, an improved 8.8 percentage points from the first quarter 2021. Argo said the change was driven by improvement in both the loss and expense ratios.

The total catastrophe losses were $8.7 million for the first quarter 2022 down $38.8 million from the first quarter 2021.