Argo Group Provides Preliminary Loss Estimates for Natural Catastrophes
January 17 2017 - 4:08PM
Business Wire
Argo Group International Holdings, Ltd. (NASDAQ: AGII), an
international underwriter of specialty insurance and reinsurance
products, today announced preliminary pre-tax loss estimates from
catastrophes of $20-25 million, net of reinsurance and
reinstatement premiums for the three-month period ended December
31, 2016. Catastrophe losses in the quarter are primarily related
to Hurricane Matthew and other events, including the New Zealand
earthquake and the late reporting of losses from prior quarter
catastrophes.
Argo Group’s estimate of catastrophe losses is based on claims
received to date; policy level reviews; data and discussions with
distribution partners; and the Company’s internal and external
modeling resources. Argo Group’s estimates are preliminary and
dependent on broad assumptions about coverage, liability,
reinsurance, modeling and potential loss development on both known
and unknown claims. Accordingly, the actual ultimate net losses
attributable to catastrophes may differ materially from Argo
Group’s preliminary estimates.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd.
(NASDAQ: AGII) is an international underwriter of specialty
insurance and reinsurance products in the property and casualty
market. Argo Group offers a full line of products and services
designed to meet the unique coverage and claims handling needs of
businesses in four primary segments: Excess & Surplus Lines,
Commercial Specialty, International Specialty and Syndicate 1200.
Argo Group's insurance subsidiaries are A. M. Best-rated 'A'
(Excellent) (third highest rating out of 16 rating classifications)
with a stable outlook, and Argo's U.S. insurance subsidiaries are
Standard and Poor's-rated 'A-' (Strong) with a stable outlook. More
information on Argo Group and its subsidiaries is available at
www.argolimited.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain statements that are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended. Such statements are qualified by
the inherent risks and uncertainties surrounding future
expectations generally and also may differ materially from actual
future experience involving any one or more of such statements. For
a more detailed discussion of such risks and uncertainties, see
Argo Group's filings with the SEC. The inclusion of a
forward-looking statement herein should not be regarded as a
representation by Argo Group that Argo Group's objectives will be
achieved. Argo Group undertakes no obligation to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170117006504/en/
Argo Group International Holdings, Ltd.Susan Spivak Bernstein,
212-607-8835Senior Vice President, Investor Relations
Argo (NYSE:ARGO)
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