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Argo Group's profits have fallen in the third quarter of 2010, with net income of $23mn compared to $27.6mn for the third quarter of 2009. Pre-tax operating income was $25.7mn versus $31.7mn in Q3 2009. Third quarter 2010 results were impacted by the New Zealand earthquake.

Total revenue for the quarter was $333.3mn, compared to $380.5mn in the year-ago period, beating analyst expectations.

A 45 percent decline in gross written premium in the company's International Specialty unit - which houses...

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