NU Online News Service, July 12, 3:48 p.m. EDT
Argo Group International Holdings Ltd. says its preliminary pre-tax loss estimate for second-quarter U.S. storms is between $30 million and $35 million, net of reinsurance and reinstatement premiums.
The Hamilton, Bermuda-based specialty insurer and reinsurer also says changes to its estimates from first-quarter catastrophic events are not expected to be material.
Argo said in April that its loss estimate for the March 11 Japan earthquake and tsunami is approximately $60 million.
Tornado-spawning thunderstorms in the U.S. during April and May are expected to cause losses of around $15 billion, says Aon Benfield, the global reinsurance intermediary of Aon Corp.
Catastrophe risk modelers estimate insured losses of between $2 billion and $6 billion for the late April tornado outbreak. AIR Worldwide adds up to $7 billion in losses due to late May storms.
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