Coronavirus

Argo losses to total £28m in Q4

The group expects to report net losses of approximately $13m (£9.6m) due to the ongoing Covid-19 pandemic, primarily related to contingency exposures in its international business

Argo Group International Holdings has announced that it expects to report losses of around $38m (£28m) in its fourth quarter of trading. 

Its overall financial results, which are set to be unveiled on 18 February, will be “adversely affected” by these estimated losses, which are set to be related to various natural catastrophe events and the continued impact of the Covid-19 pandemic.

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In its latest update, the insurer said that losses will be primarily related to Hurricanes Delta and Zeta, which both caused widespread damage across the United States last year, as well as changes in estimated losses from third quarter 2020 events. 

In addition, around two-thirds of the natural catastrophe losses were generated in its international business over the period. 

Argo said it further expects to report net losses of approximately $13m (£9.6m) due to the ongoing Covid-19 pandemic, primarily related to contingency exposures in its international business. 

The company’s loss estimates are pre-tax and net of reinsurance recoveries.

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