Argo, Everest Announce Q3 Catastrophe Loss Estimates

Meanwhile the specialty underwriter anticipates third quarter net losses of roughly $17 million as a result of the ongoing COVID-19 pandemic.

As for Everest, it expects to post pre-tax net catastrophe losses worth $300 million, also net of reinsurance and reinstatement premiums.

Similarly, the projected amount spans the impact of Hurricanes Laura, Isaias, and Sally; wildfires in California and Oregon; and other events including the derecho windstorm in the Midwest.

“Our thoughts and sympathies go out to all those affected by these recent catastrophe events,” said Everest chief executive Juan C. Andrade. “Everest provides meaningful capacity and valuable solutions to our customers, helping communities rebuild when events such as these take place.

“Despite the industry catastrophe losses during the quarter, Everest expects to report significant net income and positive net operating income for the third quarter of 2020, a reflection of the strength and diversification of our business.”