Specialist underwriter Argo Group International Holdings, Ltd. is ready to take a hit in its first quarter financial results due to millions in catastrophe losses.

In a release, the Bermuda-headquartered insurance group said its Q1 numbers will be adversely affected by catastrophe losses estimated to be worth US$47 million. Of this amount, US$43 million is attributed to natural catastrophe losses primarily related to Winter Storm Uri.

It was noted that about half of the natural catastrophe loss approximation will be borne by the company’s international operations.

The remaining US$4 million, meanwhile, is the expected net loss in the quarter from the impact of COVID-19. The figure mostly relates to contingency exposures, also within the international operations of Argo.

The property and casualty insurer stated: “Argo’s loss estimates are pre-tax and net of reinsurance recoveries.

“The company’s actual losses may ultimately differ materially from estimated losses due to the nature of the risks assumed, the complexity of the assessment of damages, and the number of reported claims received to date.”