Argo Preliminary Loss Estimates: $20/25 Million
Bermuda-based Argo Group International Holdings announced preliminary pre-tax loss estimates from catastrophes of $20-25 million, net of reinsurance and reinstatement premiums for the three-month period ended December 31, 2016.
Catastrophe losses in the quarter are primarily related to Hurricane Matthew and other events, including the New Zealand earthquake and the late reporting of losses from prior quarter catastrophes.
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.
The company said, “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.”
Commodore JB calls a loss like that a bad weekend in Las Vegas!