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Argo Group expects up to $110M in Q3 pretax catastrophe losses

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Argo Group expects up to $110M in Q3 pretax catastrophe losses

Argo Group International Holdings Ltd. has provided preliminary pretax catastrophe loss estimates for the third quarter of $85 million to $110 million, net of ceded reinsurance recoverables, reinstatement premiums and expected profit commissions.

The net losses include about $35 million to $45 million related to Ariel Re, which was acquired in the first quarter. Catastrophe losses in the third quarter are mainly related to hurricanes Harvey, Irma and Maria and the earthquake in Mexico.

Additionally, Argo Group expects to report other noncatastrophe losses of about $15 million, mainly driven by higher-than-expected attritional losses within the current accident year for property business underwritten by Syndicate 1200.