Argo Group International Holdings, Ltd. announced on Monday its preliminary pre-tax loss estimate attributable to a series of severe storms affecting portions of the United States during the 2011 second quarter is in the range of $30 million to $35 million, net of reinsurance and reinstatement premiums. Changes to its loss estimates for catastrophic events that occurred during the 2011 first quarter are not expected to be material.
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 to the company from this event may differ materially from the foregoing estimates.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of high-quality 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.