Argo estimates losses from Covid-19 impact – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password

Argo estimates losses from Covid-19 impact

Earnings warning: Argo Group said natural catastrophe and Covid-19-related losses will impact its third quarter results (Photograph by Google Maps)

Argo Group International Holdings, Ltd has said its third quarter earnings will be adversely affected by estimated losses related to various natural catastrophe events and the continued impact of the Covid-19 pandemic.

The Bermudian-based company expects to report natural catastrophe losses of approximately $54 million in the quarter, primarily related to Hurricanes Hanna, Laura and Sally, as well as the US wildfires and Midwest derecho, with losses split roughly evenly between US and International Operations.

Argo also 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.

The company is due to report its third quarter earnings on November 2.

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

Published October 21, 2020 at 10:26 pm (Updated October 21, 2020 at 10:27 pm)

Argo estimates losses from Covid-19 impact

What you
Need to
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