Argo expects up to $110m cat losses in Q3
Bermuda-based specialty re/insurer Argo Group International Holdings said on Oct. 16 that it expects a pre-tax catastrophe loss for the third quarter of 2017 of $85-110 million, net of ceded reinsurance recoverables, reinstatement premiums and expected profit commissions.
The net losses include approximately $35-45 million related to Ariel Re, which was not acquired until the end of the first quarter. Catastrophe losses in the third quarter are related primarily to Hurricanes Harvey, Irma and Maria as well as the earthquake in Mexico City. In addition, the company expects to report other non-catastrophe losses of approximately $15 million, driven primarily by higher than anticipated attritional losses within the current accident year for property business underwritten by Syndicate 1200.
“We are well positioned to meet the needs of our clients and provide coverage and security to help them rebuild following these tragic natural disasters,” said Argo CEO Mark Watson III.
“Our strong balance sheet, together with our underwriting expertise and global platforms give us the ability to react to the most attractive market opportunities as the price of insurance rises in reaction to these events," he noted.
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