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
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
AIG’s Zaffino to Step Down as CEO as Aon’s Andersen Steps In 
MAPFRE Accuses AAA of Violating Long-Time Exclusive Marketing Agreement 
’60 Minutes’ Homeowners Ask Court to Force DFS to Divulge Heritage Probe Info 
Howden US Tells Judge Brown & Brown Employees Fled Due to ‘Mistreatment’ 
