Argo Group Estimates Q2 Cat Losses at $20 to $25 Million

The Bermuda-based Argo Group International Holdings announced that it expects to report in its 2010 second quarter financial results “approximately $20 million to $25 million of estimated pre-tax loss provisions, net of reinsurance and reinstatement premium, related to spring storms in the U.S., the Deepwater Horizon incident in the Gulf of Mexico, and additional information reported on the Chilean earthquake that occurred in February 2010.”

Argo explained that in reaching this estimate, it has “relied on information currently available from portfolio modeling and assessments of the exposures insured under individual policies and industry loss estimates. Due to the preliminary nature of the information used to determine this estimate, the ultimate cost to the Company from these events may differ materially from the foregoing estimates.”

Source: Argo Group