Major cat events impact Argo with $110m cat losses in Q3
Specialty re/insurer Argo expects a pre-tax catastrophe loss of $85-110 million in the third quarter of 2017, of which approximately $35-45 million relate to Ariel Re, acquired in the first quarter.
These figures are net of ceded reinsurance recoverables, reinstatement premiums and expected profit commissions.
The cat losses in Q3 are relating primarily to Hurricanes Harvey, Irma and Maria as well as the earthquake in Mexico City.
Argo also expects to report other non-catastrophe losses of approximately $15 million, driven primarily by higher than anticipated attritional losses within the current accident year for property business underwritten by Syndicate 1200.
“We are well positioned to meet the needs of our clients and provide coverage and security to help them rebuild following these tragic natural disasters,” said Argo CEO Mark Watson III.
“Our strong balance sheet, together with our underwriting expertise and global platforms give us the ability to react to the most attractive market opportunities as the price of insurance rises in reaction to these events," he noted.
