Argo Expect Q4 Catastrophe Loss Of $32M

January 18, 2019 | 0 Comments

Argo Group International Holdings announced a preliminary pre-tax catastrophe loss estimate for the three-month period ended December 31, 2018 of $32 million, primarily related to Hurricane Michael and the California Wildfires.

“Additionally, the company’s fourth quarter 2018 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. 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,” the company said.

CEO Mark E. Watson III commented: “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.”

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