22 April 2021News

Argo braced for impact of Winter Storm Uri on Q1 results

Argo Group International Holdings has warned that its first quarter 2021 results will be adversely affected by catastrophes losses, primarily related to Winter Storm Uri.

Argo estimated it will report natural catastrophe losses of approximately $43 million in the first quarter, with an additional $4 million of losses related to COVID-19.

Approximately half its nat cat losses are attributable to international operations, including losses from Ariel Re which was sold during 2020. Its COVID-19 losses are primarily related to contingency exposures in Argo’s international operations.

The loss estimates are pre-tax and net of reinsurance recoveries. Argo stressed its actual reported losses may ultimately differ materially from its estimations.