Argo expects $51m nat cat and COVID-19 losses in Q4 results
Bermuda-based re/insurer Argo Group International Holdings has said that its results for the fourth quarter of 2020 will be adversely affected by estimated losses of $51 million related to various natural catastrophe events and the continued impact of the COVID-19 pandemic.
The company expects to report natural catastrophe losses of approximately $38 million in the fourth quarter of 2020, primarily related to Hurricanes Delta and Zeta, as well as changes in estimated losses from third quarter 2020 events.
Approximately two-thirds of Argo’s expected natural catastrophe losses were generated in its international operations.
Argo further expects to report net losses of approximately $13 million due to the ongoing COVID-19 pandemic, primarily related to contingency exposures also in its international operations.
The company’s loss estimates are pre-tax and net of reinsurance recoveries.
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