Argo Group to report Q1 cat loss hit due to Uri and COVID-19
Argo Group International Holdings, an underwriter of specialty insurance products in the property and casualty market, has announced the catastrophe loss figures it expects to report in its results for the first quarter of 2021.
It said that its results for the first quarter of 2021 will be adversely affected by estimated catastrophes losses of approximately $47 million.
Argo expects to report natural catastrophe losses of approximately $43 million in the first quarter, primarily related to Winter Storm Uri. Approximately half of natural catastrophe losses are attributable to International Operations, which includes losses related to Ariel Re that was sold during 2020. Argo further expects to report net losses of approximately $4 million due to the ongoing COVID-19 pandemic, primarily related to contingency exposures in Argo’s International Operations.
Argo’s loss estimates are pre-tax and net of reinsurance recoveries. The company’s actual losses may ultimately differ materially from estimated losses due to the nature of the risks assumed, the complexity of the assessment of damages and the number of reported claims received to date.
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