Argo Group International Holdings Ltd. announced that its results for the third quarter of 2020 will be adversely affected by estimated losses of $71 million related to various natural catastrophe events and the continued impact of the COVID-19 pandemic.
The natural catastrophe losses of approximately $54 million are primarily related to Hurricanes Hanna, Laura and Sally, as well as the U.S. wildfires and the Midwest derecho, with losses split roughly evenly between U.S. and international operations.
Argo further expects to report net losses of approximately $17 million due to the ongoing COVID-19 pandemic, primarily related to contingency exposures in Argo’s International Operations.
The company’s loss estimates are pre-tax and net of reinsurance recoveries.
Source: Argo Group International Holdings
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