Argo Ups Ike Loss Estimates

January 30, 2009

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

Was this article valuable?

Here are more articles you may enjoy.