Argo Group Provides Preliminary Loss Estimates for Natural Catastrophes
July 14 2016 - 6:58PM
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 $23 million, net of reinsurance and reinstatement
premiums for the three-month period ended June 30, 2016.
Catastrophe losses in the quarter are primarily related to the
Canadian wildfires and weather related events in the US.
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/20160714006435/en/
Argo Group International Holdings, Ltd.Susan Spivak Bernstein,
212-607-8835Senior Vice President, Investor Relations
Argo (NYSE:ARGO)
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