Argo Group Estimates Q1 2010 Cat Losses at $25 to $35 Million

The Bermuda-based Argo Group International Holdings announced that it expects its initial loss estimate from first quarter 2010 catastrophe events that have occurred to date will be $25 to $35 million, net of reinstatement premium and tax benefits.

Argo said the loss estimate includes losses from the earthquakes in Chile and Haiti, Windstorm Xynthia in Europe and winter storms in the United States, with the most major loss being the Chilean earthquake. “The losses are attributed primarily to the Company’s International Specialty and Reinsurance segments,” said the bulletin.

Argo explained that in reaching this estimate, it relied on “information currently available from portfolio modeling and assessments of the exposures insured under individual policies and industry loss estimates.

“Due to the preliminary nature of the information used to determine this estimate, the ultimate cost that the Company will incur related to these events may differ, perhaps materially, from this initial loss estimate.”

Source: Argo Group International Holdings – www.argolimited.com