Argo, Everest Announce Q3 Catastrophe Loss Estimates
It’s the turn of Argo Group International Holdings, Ltd. and Everest Re Group to publish their respective loss estimates for this year’s third quarter catastrophes.
Argo’s quarterly approximation stands at $54 million in natural catastrophe losses, pre-tax and net of reinsurance recoveries. These mainly relate to the US wildfires and Midwest derecho, and Hurricanes Hanna, Laura, and Sally.
Meanwhile the specialty underwriter anticipates third quarter net losses of roughly $17 million as a result of the ongoing COVID-19 pandemic.
As for Everest, it expects to post pre-tax net catastrophe losses worth $300 million, also net of reinsurance and reinstatement premiums.
Similarly, the projected amount spans the impact of Hurricanes Laura, Isaias, and Sally; wildfires in California and Oregon; and other events including the derecho windstorm in the Midwest.
“Our thoughts and sympathies go out to all those affected by these recent catastrophe events,” said Everest chief executive Juan C. Andrade. “Everest provides meaningful capacity and valuable solutions to our customers, helping communities rebuild when events such as these take place.
“Despite the industry catastrophe losses during the quarter, Everest expects to report significant net income and positive net operating income for the third quarter of 2020, a reflection of the strength and diversification of our business.”
People Power: Building The Future Of Insurance One Career At A Time
The insurance industry is at a pivotal point. As emerging technologies reshape underwriting, claims processing, and cust... Read more
Private Equity's Great Divide: Is The Future Insurance-Funded Or Fee-Driven?
A fundamental shift is taking place at the top of the private equity industry. While firms like Blackstone remain commit... Read more
Japan's Next Battleground: The Insurance Sector Under Activist Pressure
Farallon’s push at T&D Holdings marks a shift in focus for activist capital targeting Japan’s untapped insurance... Read more
Cover And Conflict: Tensions Rise Between Insurers And Litigation Funders
Burford’s clash with Chubb signals a deeper rift in the legal-financial ecosystem A high-profile dispute between li... Read more
Underwater And Uninsured: How Climate Risk Is Reshaping The US Mortgage Market
As climate change intensifies, its effects are no longer confined to coastlines or news reports on extreme weather. In t... Read more
When The Raters Get Rated: What The Fitch–Kroll Feud Says About Oversight And Accountability
In a rare and unusually public confrontation between two of America’s credit rating agencies, a recent feud between Fi... Read more