Argo reveals preliminary loss estimates for earthquakes in Chile and Haiti and Windstorm Xynthia
Argo Group expects its initial loss estimate from first quarter 2010 catastrophe events that have occurred to date will be $25m to $35m, net of reinstatement premium and tax benefits.
The company's initial loss estimate includes losses from the earthquakes in Chile and Haiti, Windstorm Xynthia in Europe and winter storms in the United States.
The majority of Argo's losses are from the earthquake in Chile. The losses are attributed primarily to the company's International Specialty and Reinsurance segments.
Argo said: "In reaching this estimate, the company has relied on information currently available from portfolio modeling and assessments of the exposures insured under individual policies and industry loss estimates. Due to the preliminary nature of the information used to determine this estimate, the ultimate cost that the Company will incur related to these events may differ, perhaps materially, from this initial loss estimate."