Argo estimates $32m of catastrophe losses

  • Loss estimates: Mark Watson, CEO of Argo Group (File photograph)

    Loss estimates: Mark Watson, CEO of Argo Group (File photograph)


Argo Group has estimated preliminary pre-tax catastrophe losses of $32 million for the fourth quarter.

The losses are primarily related to Hurricane Michael and the California wildfires. Additionally, the Bermudian-based company’s fourth-quarter results will be impacted by higher than expected current accident year losses of approximately $12 million, including a number of discrete marine and energy claims.

Argo announced the estimates in a statement, and said the catastrophe losses include claims costs net of ceded reinsurance recoverables and reinstatement premiums, and include losses related to certain aggregate excess of loss contracts.

Mark Watson, chief executive officer, said: “Our estimate for catastrophe losses in the fourth quarter of 2018 again reflects the restructuring of our reinsurance program at the beginning of the year to reduce earnings volatility by incorporating a single retention for the combined reinsurance portfolios of Argo and the acquired Ariel Re, and also strategically increases our use of third-party capital.”

You must be registered or signed-in to post comment or to vote.

Published Jan 17, 2019 at 5:44 pm (Updated Jan 17, 2019 at 10:06 pm)

Argo estimates $32m of catastrophe losses

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "Who are your favourites to win the Cricket World Cup?"
    • Australia
    • 11%
    • Bangladesh
    • 3%
    • England
    • 28%
    • India
    • 17%
    • New Zealand
    • 5%
    • Pakistan
    • 4%
    • South Africa
    • 4%
    • West Indies
    • 27%
    • Total Votes: 3942
    • Poll Archive

    Today's Obituaries

    eMoo Posts