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News Breaks
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March 18, 2011
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| 09:16 EDT |  | AGII |
| theflyonthewall.com: | Argo provides preliminary loss estimates, comments on NZ, Japan earthquakes | | Argo Group International Holdings announced its preliminary pre-tax loss estimate for the February 22, earthquake in Christchurch, New Zealand is in the range of $35M-$45M, net of reinsurance and reinstatement premiums. In reaching this estimate, the company has relied on information currently available from portfolio modeling and assessments of the exposures insured under individual policies and industry loss estimates. 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. The company is reviewing exposures from in force contracts in both its insurance and reinsurance businesses, but believes 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. Argo Group will update the market as appropriate. :theflyonthewall.com |
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