Argo Group reports natural catastrophe losses of $43m in Q1

The losses over the period are primarily due to Winter Storm Uri

Argo Group International Holdings has reported natural catastrophe losses of approximately $43m (£30.9m) for the first quarter of the financial year.

The losses over the period are primarily attributable to Winter Storm Uri, which affected areas in North America between 13 February to 17 February 2021.

Around half or natural catastrophe losses are attributable to International Operations, which also includes losses related to Ariel Re that was sold by Argo last year.

The insurance company currently expects to report losses of approximately $4m (£2.8m) due to the impact of the ongoing pandemic.

In a statement, the group said: “Argo further expects to report net losses of approximately $4 million due to the ongoing Covid-19 pandemic, primarily related to contingency exposures in Argo’s International Operations.

“Argo’s loss estimates are pre-tax and net of reinsurance recoveries. The company’s actual losses may ultimately differ materially from estimated losses due to the nature of the risks assumed, the complexity of the assessment of damages and the number of reported claims received to date.”

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