Specialty insurer and reinsurer, Argo Group International Holdings, Ltd., has announced estimated catastrophe losses for the third-quarter of 2017 of between $85 million and $110 million, pre-tax and net of reinsurance, reinstatement premiums and expected profit commissions.
The reinsurer attributes much of the loss to hurricanes Harvey, Irma, and Maria, as well as the Mexico earthquakes that occurred in the period.
Of the net losses, between $35 million and $45 million relates to Ariel Re, which Argo Group acquired towards the end of 2016.
Argo Group’s Chief Executive Officer (CEO), Mark Watson III, commented; “We are well positioned to meet the needs of our clients and provide coverage and security to help them rebuild following these tragic natural disasters.
“Our strong balance sheet, together with our underwriting expertise and global platforms give us the ability to react to the most attractive market opportunities as the price of insurance rises in reaction to these events.”
The firm also expects to report other non-catastrophe losses of $15 million in the quarter, driven by higher than expected attritional losses within the current accident year for property business underwritten by Syndicate 1200.