Argo Group International Holdings Ltd. estimates losses from fourth quarter 2020 natural catastrophes and the COVID-19 pandemic will hit $51 million.
Breaking down the overall total, Bermuda-based Argo expects to report Q4 natural catastrophe losses of approximately $38 million, primarily related to Hurricanes Delta and Zeta as well as changes in estimated losses from third quarter 2020 events. Approximately two-thirds of the natural catastrophe losses were generated in the company’s International Operations.
In addition, Argo said it expects to report net losses of approximately $13 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
Photo credit: Michael McDonald clears trees that have fallen on houses during Hurricane Delta in Jennings, La., on Saturday, Oct. 10, 2020. The day after Hurricane Delta blew through besieged southern Louisiana, residents started the routine again: dodging overturned cars on the roads, trudging through knee-deep water to flooded homes with ruined floors and no power, and pledging to rebuild after the storm. Photo credit: Scott Clause /The Daily Advertiser via AP.
Topics Natural Disasters Profit Loss
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