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.




More on this story

News
23 August 2023   The new surety leader has been advising Argo since May.
News
8 August 2023   The specialty re/insurer’s combined ratio rose to 106.8% as gross written premiums fell.
News
9 May 2023   Its shareholders have backed its merger with Brookfield Reinsurance.