Argo Group International Holdings, Ltd. has announced that its fourth-quarter 2020 results will be adversely affected by estimated losses of $51 million related to various natural catastrophe events and the COVID-19 pandemic.
The re/insurer expects natural catastrophe losses to amount to approximately $38 million in Q4, primarily driven by Hurricanes Delta and Zeta as well as changes in estimates from third-quarter 2020 loss events.
Argo states that around two-thirds of the $38 million, which is pre-tax and net of reinsurance recoveries, were generated in the company’s International Operations.
Additionally, Argo expects to report net losses of roughly $13 million, net of reinsurance recoveries, in the quarter due to the COVID-19 pandemic, primarily related to contingency exposures in Argo’s International Operations.
