ARGO ESTIMATES THIRD-QUARTER CATASTROPHE LOSSES AT $71M

Bermudian re/insurer Argo Group International Holdings said Wednesday its third-quarter results will reflect around $71m in pre-tax catastrophe losses, net of reinsurance recoveries. The total includes $54m of losses in connection with hurricanes Hanna, Laura and Sally as well as US wildfires and the derecho storm in the US Midwest. Those losses are about evenly split between the group’s US and international operations. Argo also expects to post around $17m in losses tied to the Covid-19 pandemic, primarily related to contingency exposures in its international business.