Bermuda-based Argo Group International Holdings Ltd. announced estimated catastrophe losses of approximately $47 million for the first quarter of 2021.
Argo expects to report Q1 natural catastrophe losses of approximately $43 million, primarily related to Winter Storm Uri. Approximately half of natural catastrophe losses are attributable to International Operations, which includes losses related to Ariel Re that was sold during 2020.
Argo further expects to report net losses of approximately $4 million due to the ongoing COVID-19 pandemic, primarily related to contingency exposures in Argo’s International Operations.
Argo’s loss estimates are pre-tax and net of reinsurance recoveries. The company said its actual losses may ultimately differ materially from estimated losses due to the nature of the risks assumed, the complexity of the assessment of damages and the number of reported claims received to date.
Source: Argo Group International Holdings
Photograph: Vehicles are piled up after a fatal crash on Interstate 35 near Fort Worth, Texas on Thursday, Feb. 11, 2021. The massive crash involving 75 to 100 vehicles on an icy Texas interstate killed some and injured others, police said, as a winter storm dropped freezing rain, sleet and snow on parts of the U.S. Photo credit: Lawrence Jenkins/The Dallas Morning News via AP.
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