Argonaut Expects Limited Exposure From Charley

September 2, 2004

Argonaut Group, Inc., based in San Antonio, announced that as a result of Hurricane Charley, which moved through southern and central Florida on Aug.13, 2004, the company expects to incur pre-tax losses, net of reinsurance, of approximately $4 million in the quarter ending Sept. 30, 2004.

The losses are attributable primarily to the company’s excess and surplus lines segment.

Company President and CEO Mark E. Watson III said, “Hurricane Charley caused substantial economic damage and loss of life in central Florida. Argonaut has responded promptly to meet the needs of our insureds that were affected by this catastrophic event.”

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