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.”

Featured Video

Most Recent Videos

Video Library ››

Top Story

Timeline revealed for possible NAPSLO/AAMGA merger

NAPSLO and AAMGA answer questions about a potential merger of the two organizations.

Top Story

4 steps to help clients' businesses survive a catastrophic event

Companies without a disaster recovery plan have a survival rate of less than 10 percent. A written disaster plan can provide direction and increase the chance of survival for your clients' 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.