Argo Group Well Positioned For Market Turn

Argo Group International Holdings, Ltd. AGII posted better than expected underwriting results, offset by weaker than expected premium production and investment income, according to Keefe, Bruyette & Woods. KBW has reduced its 2010 and 2011 operating EPS estimates, stating that with shares currently trading 60% under book value, the stock is attractively priced. KBW maintains its "outperform" rating and $40 price target. Argo Group International Holdings, Ltd. closed yesterday at $31.36.