NU Online News Service, March 22, 1:59 p.m. EDT

Argo Group International Holdings, Ltd. said first quarter catastrophe losses from earthquakes in Chile and Haiti, U.S. windstorms and Storm Xynthia in Europe, will be between $25 million and $35 million.

The Hamilton, Bermuda-based specialty insurer and reinsurer said the majority of the losses are from the Chilean earthquake and are attributed primarily to the company's international specialty and reinsurance segments.

Argo Group said its estimates are based on information currently available from portfolio modeling assessments of the exposures insured under individual policies and industry loss estimates. The company noted that its estimates could change as more information becomes available.

Reinsurers have estimated Chilean earthquake insured losses to total $4 billion to $8 billion, with Partner Re estimating losses from $6 billion to $10 billion.

Catastrophe modeling firms estimate Windstorm Xynthia insured losses will total $1.4 billion to $4.2 billion. Reinsurers have estimated 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 Chilean earthquake and Xynthia.

Special Reports /

Argo Group Predicts $25 Million To $35 Million In 1Q Cat Losses

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