Filed Under:Agent Broker, Commercial Business

Sandy Losses in Q4 of $380M for Ace; $95M for Montpelier Re

Ace says it expects about $380 million in losses in the fourth quarter related to Superstorm Sandy.

The estimate is after tax, net of reinsurance, and includes reinstatement premiums, says the Zurich-based multiline P&C insurance group.

Meanwhile, Hamilton, Bermuda-based Montpelier Re Holdings says it predicts about $95 million in pretax losses from Sandy in 2012’s last quarter.

The reinsurer says its prediction of fourth-quarter losses is also net of reinsurance, and includes reinstatements.

The late-October storm brought strong winds and storm surge to the Northeast. Catastrophe modelers say Sandy could cause up to $25 billion in losses for the insurance industry.

The estimates are the latest from companies prepping investors as fourth-quarter earnings announcement season approaches.

Late Friday, American International Group (AIG) put losses at an estimated $1.3 billion, after tax and net of reinsurance. The company says it to make a capital contribution to its U.S. property and casualty insurance subsidiaries of $1 billion from existing, readily available funds.

Allstate Corp. says it expects $1.08 billion in pretax catastrophe losses for the month of October, primarily due to Superstorm Sandy.

Travelers Cos. released a preliminary estimate of net losses relating to Superstorm Sandy of about $650 million and New Jersey Manufacturers says losses from Sandy will top $300 million.

The Hartford's CEO says the company's insured losses for Superstorm Sandy could surpass its reinsurance deductible of $350 million.

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