New Jersey Manufacturers Insurance Company says it will take aloss of more than $300 million from Superstorm Sandy, thelargest loss in the company's history.

In a statement yesterday, the West Trenton, N.J.-based mutualinsurer says it has received more than 52,000 Sandy-related claimsto date.

The figure is four times what it suffered from last year'sTropical Storm Irene, which cost $75 million and was the “largestclaims event in the company's 99-year history.”

The carrier says it has closed an estimated 45 percent ofSandy-related claims and issued disbursements of close to $100million to policyholders.

Despite the significance of this event, NJM says its balancesheet “is designed to respond to the covered claims of itspolicyholders in this type of event.”

The company says it is the third largest provider of homeownersinsurance in the state with 280,000 households and is the largestprovider of personal auto insurance with approximately 800,000insured vehicles.

Auto loss is related to flooding, while homeowners loss isgenerally wind related, the company notes.

The insurer's subsidiary, New Jersey Re-Insurance Co. is aparticipant in the National Flood Insurance Program, underwritingapproximately 10,200 flood policies for the NFIP. To date, 4,600flood claims have been filed on those policies, representing 45percent of the book.

The company did not release any additional figures related tothe program.

NJM's President and Chief Executive Officer, Bernie Flynn,emphasized in a statement that the company's number one priority ishelping policyholders recover from the damage Sandy left behind,saying that “we recognize our policyholders need us now most ofall. Regardless of the volume of claims, or the ultimate cost, ourpolicyholders who sustain covered losses can be sure of ourcommitment to helping them during this difficult time. The entireNJM staff, and our trusted partners, have been working around theclock and will continue to do so until all service obligations arefulfilled.”

Yesterday, Travelers announced that it would suffer a net loss related toSuperstorm Sandy of $650 million. Its gross loss estimate, pre-taxand before reinsurance is $1.135 billion.