Argo expects to make a $54m nat cat loss in Q3

Argo Group International Holdings expects to report natural catastrophe losses of approximately $54 million for Q3 2020.

The expected losses are primarily related to Hurricanes Hanna, Laura and Sally, and to US wildfires and Midwest derecho. The losses will be split roughly evenly between US and international operations, Argo said.

Argo also expects to report net losses of approximately $17 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.