Argo Provides Q2 Preliminary Loss Estimates
Bermuda-based Argo Group International Holdings, Ltd., an international underwriter of specialty insurance and reinsurance products, announced preliminary pre-tax loss estimates from catastrophes of $23 million, net of reinsurance and reinstatement premiums for the three-month period ended June 30, 2016.
“Catastrophe losses in the quarter are primarily related to the Canadian wildfires and weather related events in the US,” the company said.
“Argo Group’s estimate of catastrophe losses is based on claims received to date; policy level reviews; data and discussions with distribution partners; and the Company’s internal and external modeling resources.
“Argo Group’s estimates are preliminary and dependent on broad assumptions about coverage, liability, reinsurance, modeling and potential loss development on both known and unknown claims.
“Accordingly, the actual ultimate net losses attributable to catastrophes may differ materially from Argo Group’s preliminary estimates.”
