Argo’s Q4 2020 Losses from Natural Disasters and COVID-19 Estimated at $51M February 3, 2021
Argo Group International Holdings Ltd. estimates losses from fourth quarter 2020 natural catastrophes and the COVID-19 pandemic will hit $51 million.
Breaking down the overall total, Bermuda-based Argo expects to report Q4 natural catastrophe losses of approximately $38 million, primarily related to Hurricanes Delta and Zeta as well as changes in estimated losses from third quarter 2020 events. Approximately two-thirds of the natural catastrophe losses were generated in the company’s International Operations.
In addition, Argo said it expects to report net losses of approximately $13 million due to the ongoing COVID-19 pandemic, primarily related to contingency exposures in Argo’s International Operations. The company’s loss estimates are pre-tax and net of reinsurance recoveries.