Filed Under:Markets, E&S/Specialty

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

3 best practices for collaborating with InsurTech startups

No one said it would be easy to bring together legacy and nascent insurance companies, but the result could mean significant growth for both.

Top Story

3 ways to ease the business interruption claims process

The biggest challenge for companies managing business interruption (BI) claims: Accurately quantifying their losses.

More Resources

Comments

eNewsletter Sign Up

Specialty Markets Insight eNewsletter

Receive updates and analyses on hard to place and challenging coverages. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.