The Bermuda-based Argo Group International Holdings has increased its loss estimate for Hurricane Ike, including reinstatement premiums and estimated reinsurance recoveries, by approximately $15 million on a pre-tax basis. Argo Group’s International Specialty segment accounted for $12.1 million of the increase with the remainder incurred in the Company’s Reinsurance segment.
Argo’s bulletin added that the Company expects to record a net realized loss on a pre-tax basis of $16.7 million associated with its investment portfolio, for the quarter ended Dec. 31. “This loss is primarily a result of an other-than-temporary impairment charge related to equity investments and to a lesser extent certain fixed-income investments of the Company totaling $22.1 million offset by net realized gains of approximately $5.4 million,” Argo said.
Source: Argo Group International Holdings – www.argolimited.com
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
