Argo Group International Holdings, Ltd., which is releasing its latest financial results on February 18, has painted a picture of what’s to come – and it appears red is the dominant colour.
According to the property & casualty underwriter, it expects the group’s fourth quarter numbers to be “adversely affected” by estimated losses brought about by various natural catastrophe events and the continued impact of the coronavirus crisis.
In a release, the Bermuda-headquartered specialist insurer noted: “Argo expects to report natural catastrophe losses of approximately US$38 million in the fourth quarter, primarily related to hurricanes Delta and Zeta as well as changes in estimated losses from third quarter 2020 events.”
The company added that about two-thirds of the natural catastrophe losses were generated in its international business.
“Argo further expects to report net losses of approximately US$13 million due to the ongoing COVID-19 pandemic, primarily related to contingency exposures in Argo’s international operations,” the underwriter went on to say.
The abovementioned approximations are before tax and net of reinsurance recoveries.