Argo Group Announces Estimated Losses From Fourth Quarter 2020 Catastrophes

Rhea-AI Summary

Argo Group International Holdings (NYSE: ARGO) announced that its fourth-quarter 2020 results will be negatively impacted by estimated losses of $38 million from natural catastrophes, primarily hurricanes Delta and Zeta. About two-thirds of these losses occurred in International Operations. Additionally, the company expects net losses of $13 million attributed to the ongoing COVID-19 pandemic, mainly due to contingency exposures in its International Operations. These figures reflect pre-tax losses, net of reinsurance recoveries.

Positive

• None.

Negative

• Estimated natural catastrophe losses of $38 million for Q4 2020.
• Net losses of approximately $13 million due to COVID-19 pandemic impacts.

Argo Group International Holdings, Ltd. (“Argo” or the “company”) (NYSE: ARGO), announced today that its results for the fourth quarter of 2020 will be adversely affected by estimated losses related to various natural catastrophe events and the continued impact of the COVID-19 pandemic.

Argo expects to report natural catastrophe losses of approximately $38 million in the fourth quarter, primarily related to hurricanes Delta and Zeta as well as changes in estimated losses from third quarter 2020 events. Approximately two-thirds of the natural catastrophe losses were generated in our International Operations. Argo further expects to report net losses of approximately $13 million due to the ongoing COVID-19 pandemic, primarily related to contingency exposures in Argo’s International Operations. The company’s loss estimates are pre-tax and net of reinsurance recoveries.

ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

Argo Group International Holdings Ltd. (NYSE: ARGO) is an underwriter of specialty insurance products in the property and casualty market. Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group and its insurance subsidiaries are rated “A-” by Standard & Poor’s. Argo’s insurance subsidiaries are rated “A-” by A.M. Best. More information on Argo and its subsidiaries is available at argogroup.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210202006123/en/

FAQ

What are Argo's estimated losses for Q4 2020?

Argo expects estimated losses of approximately $38 million from natural catastrophes and $13 million from the COVID-19 pandemic for Q4 2020.

Which natural disasters affected Argo's financial results?

Argo's financial results were impacted primarily by hurricanes Delta and Zeta.

How much of Argo's losses are related to International Operations?

Approximately two-thirds of the natural catastrophe losses were generated in Argo's International Operations.

What is Argo Group's stock symbol?

Argo Group's stock symbol is NYSE: ARGO.

What rating does Argo Group have from Standard & Poor's?

Argo Group is rated 'A-' by Standard & Poor's.