Filed Under:Markets, Commercial Lines

HCC 4Q Cat Losses in Excess of $30M

Houston-based HCC Insurance Holdings, Inc. says fourth-quarter catastrophe losses will likely be between $30 million and $35 million, and the company’s chief executive warned of substantial rate increases in the future.

The $30 million-plus figure is after reinsurance and reinstatement premium, and is pretax. The company says the losses relate to Superstorm Sandy and primarily impact the company’s property-insurance business.

HCC adds that the ultimate loss from Sandy may differ materially from its current estimate because of “uncertainties involved at this early stage, the complexities of the nature of the event and the ongoing collection of information.”

In a statement, John N. Molbeck Jr., HCC’s CEO says that Sandy “will result in a re-evaluation of exposure in the northeast, and we anticipate this re-evaluation will result in meaningful price increases.”

Top Story

5 things drivers need to know before working for a ridesharing service

Uber, Lyft and Sidecar drivers pose major insurance risks to passengers and themselves.

Top Story

Cyber risk jumps to No. 2 on Travelers Business Risk Index

Up from fifth place last year, cyber risks ranked as the second biggest concern for all businesses.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone
         

Advertisement. Closing in 15 seconds.