Argo estimates losses from Covid-19 impact
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.