Argo Group releases Q4 2017 loss estimates
Argo Group International Holdings has announced a preliminary pre-tax catastrophe loss estimate for the three-month period ended December 31, 2017 of $34-$38 million, net of ceded reinsurance recoverables, reinstatement premiums and expected profit commissions.
According to the company these catastrophe losses are primarily related to the wildfires in California and to certain aggregate excess of loss contracts that were impacted by various 2017 catastrophe and weather-related events.
Argo Group said that these estimates of catastrophe losses are based on claims received to date, policy level reviews, discussions with distribution partners, the company’s internal and external modelling resources, and publicly available industry loss estimates.
The company added that the estimates are preliminary and dependent on broad assumptions about coverage, liability, reinsurance and potential changes to both known and unknown claims. As a result it pointed out that the actual ultimate net impact attributable to catastrophes may differ materially from Argo Group’s preliminary estimates.
