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Argo expecting $44m dent to Q4 results

18th January 2019 - Author: Charlie Wood

Specialty re/insurer Argo Group International has announced a preliminary, pre-tax catastrophe loss estimate for Q4 2018 of $32 million, a figure net of reinsurance and reinstatement premiums, and including losses related to certain aggregate excess of loss contracts.

Argo Group logoThe company said it also expects results from the fourth quarter to take a hit from higher-than-expected current accident year losses of around $12 million, including a number of discrete Marine and Energy claims

Much like the recent Q4 loss estimates from Swiss Re ($1.3 billion)Blue Capital Re ($30 million) and The Hanover ($50 million) this figure from Argo is driven primarily by hurricane Michael and the California wildfires.

“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,” commented Argo Group Chief Executive Officer Mark E. Watson III.

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