Argo Updates Loss Estimate for NZ Quake
Argo Group International Holdings, Ltd. announced yesterday [Jan 12] it expects to report in its 2010 fourth quarter financial results approximately $12 million of additional estimated pre-tax loss provisions, net of reinsurance and reinstatement premium, related to new and updated information reported from insureds and cedents on the earthquake that struck New Zealand in September 2010. In its 2010 third quarter, Argo reported an initial loss estimate for the New Zealand earthquake of $11.3 million.
In reaching this estimate, Argo say they “relied on information currently available from portfolio modeling and assessments of the exposures insured under individual policies and industry loss estimates. Due to the preliminary nature of the information used to determine this estimate, the ultimate cost to the Company from this event may differ materially from the foregoing estimates. “
