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.
Argo Group said it would release 2020 fourth-quarter financial results after the U.S. financial markets close on Feb. 17. An investor call to discuss the earnings is planned for Feb. 18.
Source: Argo Group International Holdings
*A version of this story ran previously in our sister publication Insurance Journal.