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Argo Group Says Christchurch Quake Losses $35m to $45m

The Bermuda-based specialty international direct and reinsurance underwriter demurred from publishing an estimate on the March 11 Japan earthquake owing to limited information and significant remaining uncertainties.

Argo Group International Holdings, a Hamilton, Bermuda-based specialty international direct and reinsurance underwriter, announced today a preliminary pre-tax loss estimate for the Feb. 22, 2011 Christchurch, New Zealand earthquake as being between $35 million and $45 million net of reinsurance and reinstatement premiums.

In reaching its estimate, Argo Group relied on information currently available from portfolio modeling and assessments of the exposures insured under individual policies and industry loss estimates, according to a company statement. Argo cautions that, 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.

Additionally, Argo Group is in the process of assessing its exposure to the devastating earthquake and tsunami that struck the northeast coast of Japan on March 11, 2011. The company is reviewing exposures from in force contracts in both its insurance and reinsurance businesses, but judges that, based on the limited available information and the significant uncertainties regarding the extent and nature of the damages resulting from the events, it is too early to issue an estimate at this time.

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio

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