We expect this work will be complete in the next 90 days, at which time, we'll have more confidence in communicating the progress we're making on expenses and expect in 2021 and beyond. And you talked about some of the portfolio derisking. Argo Group (NASDAQ:ARGO) last announced its quarterly earnings data on Monday, August 3rd. The International combined ratio was 120.4% and includes the majority of our catastrophe losses in the quarter. And we we tried to take a somewhat conservative approach to what the data was telling us, and we didn't extrapolate on what that data could be in the future, such that if it was a one-time item, then you'll see an uptick in the third quarter. This reflects a balance of rate increases that continue to accelerate, offset by certain profitability initiatives, including exiting business lines and terminating binding authority relationships.Overall, we feel really good very good about the top line in the quarter given the macro backdrop, and it aligns closely with our strategic objective to deploy capital to our best-performing units. Argo Group | 26,791 followers on LinkedIn | We help businesses stay in business | Argo Group International Holdings, Ltd. (NYSE: ARGO) is an international underwriter of specialty insurance and reinsurance products in areas of the property and casualty market. Welcome to everyone on the call. If you look back at our financials for the U.S. operations for the last seven years, you'll see that this strategy has led to strong and attractive margins, and that's why we plan to execute for the entire organization going forward. The U.S. combined ratio was an exceptional 88.5% in the second quarter. While the catastrophe losses we recorded relating to COVID-19 were down from the first quarter at a manageable level for us, it did push us to a slight underwriting loss for the quarter.
For a more detailed discussion of such risks and uncertainties, please see Argo Group's filings with the SEC.I will now turn the call over to Kevin Rehnberg, Chief Executive Officer of Argo Group.Good morning, and thank you for the introduction, Brett. Sei Investments Co. now owns 73,207 shares of the company’s stock valued at $2,550,000 after acquiring an additional 20,216 shares in the last quarter. This impact will continue as portfolios are reinvested in lower new money yields. Net written and earned premium growth during the quarter in the U.S. came in at 2.8% and 6.2%, respectively. But in terms of the impact it will have on us, it's a pretty small amount of the business we write.You said it's $10 million of subject premium or $10 million of limit exposure?Yes.
I mean, if you go back over the last couple of years, when we tried to several years ago and almost, probably, was five or six years ago, when we like many in the industry said, OK, wait, alternatives are generating income. In places like Asia Pacific or Latin America, the books were relatively small and that didn't have much associated with it. With our current platform, technology and capital resources, we see significant growth opportunities ahead for Argo.I will now turn the call over to Jay to go through our results in more detail.Thanks, Kevin. And then in your comments, you talked about businesses under strategic review. In the second quarter, submissions were up in our E&S lines and some of our focused growth areas such as Argo Pro. The strong level of profitability, combined with growth in our premium base add to our strongest U.S. underwriting income ever this quarter. So thank you, everybody, and hope you have a good day.Stock Advisor launched in February of 2002. Both the loss and expense ratio showed improvement from the prior year quarter, which at 89.7% was a tough comparison. Certain businesses we had in the U.S. needed to be restructured or sold, costs were rationalized to a more sustainable level. Jay has been a great asset to Argo over the last 12 years and will continue to lead our finance department until a successor has joined, ensuring a smooth transition. Or if you don't want to answer that question, maybe you can just talk to us a little bit about your or remind us about your business interruption type of exposures?Okay. Sidoti initiated coverage on shares of Argo Group in a report on Monday, August 17th.
To contrast, the international expense ratio was 43.7% in the quarter compared to just under 39% last year. Reserves were again stable with just $1.8 million or 0.4 points of unfavorable development. There's the court precedents that are set.
Charles Schwab Investment Management Inc. grew its position in Argo Group by 2.9% in the second quarter. Do you think through as a result of COVID and the economic shutdown, do you believe that, that's also affected some of the issues that were in your International business, the reserves so that maybe what you've reported, seeing in the first two quarters of this year may have masked maybe some underlying challenges that still may be there?Well, I certainly wouldn't think that would have had an impact on the first quarter. The market continues to present opportunities for Argo, and we are well positioned to take advantage.Market conditions have continued to improve during the second quarter, and we experienced high single-digit rate increases on average in the U.S. and mid-teens rate increases on average in International.
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