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Argo reveals $20-$25mn Q2 cat hit

Argo Group revealed $20-$25mn of Q2 net cat losses last week.

The Bermuda-domiciled specialty (re)insurer said the estimates related to spring storms in the US, the Deepwater Horizon incident in the Gulf of Mexico and additional information reported on Q1's Chilean earthquake.

A quarter earlier the firm had revealed initial catastrophe losses in the $25mn-$35mn range, of which $21.6mn was attributed to the Chile earthquake.

In June the firm said that its Lloyd's operation is currently running a combined ratio of 116 percent due to 22 percentage points of catastrophe losses in the year to date.

The figures, revealed in an investor presentation, show the firm's Argo International unit operating at a loss of $11mn in the year to date, which compares to an operating profit of $24mn and a combined ratio of 96 percent in the largely cat-free 2009 year.

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