18 July 2016News

Argo reveals Canadian wildfires loss estimates

Another Bermuda-based re/insurer has estimated the extent of its losses stemming from a busy period of catastrophe losses in the last quarter including the Canadian wildfires and weather-related events in the US.

Argo Group International Holdings said it has estimated its preliminary pre-tax loss estimates from catastrophes of $23 million net of reinsurance and reinstatement premiums for the three-month period ended June 30, 2016.

“Argo Group’s estimate of catastrophe losses is based on claims received to date; policy level reviews; data and discussions with distribution partners; and the company’s internal and external modeling resources,” the company said.

“Argo Group’s estimates are preliminary and dependent on broad assumptions about coverage, liability, reinsurance, modeling and potential loss development on both known and unknown claims.

“Accordingly, the actual ultimate net losses attributable to catastrophes may differ materially from Argo Group’s preliminary estimates.”