Reinsurance News

Argo reports Q4 catastrophe and COVID-19 losses of $51mn

3rd February 2021 - Author: Luke Gallin

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.

argo globalThe 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.

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