Argo Expect Q3 Catastrophe Loss Of $25M
Argo Group International Holdings announced a preliminary pre-tax catastrophe loss estimate for the three-month period ended September 30, 2018 of approximately $25 million.
Catastrophe losses are related primarily to Hurricane Florence, Typhoon Jebi and other catastrophe and weather-related events in the third quarter of 2018. Catastrophe loss estimates include claims costs net of ceded reinsurance recoverables and reinstatement premiums, and include losses related to certain aggregate excess of loss contracts.
CEO Mark E. Watson III commented: “As we indicated following the catastrophe loss events in 2017, we restructured our reinsurance program for 2018 to incorporate a single retention that combined the reinsurance portfolios for Argo and the acquired Ariel Re, and we strategically increased our use of third-party capital. Our loss results for the third quarter of 2018 reflect these actions.”
