NU Online News Service, March 22, 1:59 p.m.EDT
|Argo Group International Holdings, Ltd. said first quartercatastrophe losses from earthquakes in Chile and Haiti, U.S.windstorms and Storm Xynthia in Europe, will be between $25 millionand $35 million.
|The Hamilton, Bermuda-based specialty insurer and reinsurer saidthe majority of the losses are from the Chilean earthquake and areattributed primarily to the company's international specialty andreinsurance segments.
|Argo Group said its estimates are based on information currentlyavailable from portfolio modeling assessments of the exposuresinsured under individual policies and industry loss estimates. Thecompany noted that its estimates could change as more informationbecomes available.
|Reinsurers have estimated Chilean earthquake insured losses tototal $4 billion to $8 billion, with Partner Re estimating lossesfrom $6 billion to $10 billion.
|Catastrophe modeling firms estimate Windstorm Xynthia insuredlosses will total $1.4 billion to $4.2 billion. Reinsurers haveestimated Xynthia losses at $2 billion to $4 billion.
|According to Moody's, 16 reinsurers have to date already paid$3.5 billion in estimated pre-tax net losses from the Chileanearthquake and Xynthia.
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