Argo Group Estimates $71M in Catastrophe, COVID Losses During Third Quarter
Argo Group International Holdings Ltd. announced that its results for the third quarter of 2020 will be adversely affected by estimated losses of $71 million related to various natural catastrophe events and the continued impact of the COVID-19 pandemic.
The natural catastrophe losses of approximately $54 million are primarily related to Hurricanes Hanna, Laura and Sally, as well as the U.S. wildfires and the Midwest derecho, with losses split roughly evenly between U.S. and international operations.
Argo further expects to report net losses of approximately $17 million due to the ongoing COVID-19 pandemic, primarily related to contingency exposures in Argo’s International Operations.
The company’s loss estimates are pre-tax and net of reinsurance recoveries.
Source: Argo Group International Holdings
- Viewpoint: California’s Surplus Lines HO Market Driven by Access, Not Wildfire Risk
- Farmers Insurance Plans Historic, Rapid Expansion of Agency Force
- Dei Primus Holdings Launches LUCY, a Fully Autonomous Insurance Carrier
- Public Adjuster Accused of Swiping $600,000 in Hurricane Ian Insurance Payments