Three Domestics Report Expected Sandy Losses

Allegahany Corp., Assurant Specialty Property and Mercury General released their estimated losses from Superstorm Sandy.

New York-based Alleghany Corp., a holding company with core holdings in property and casualty reinsurance and insurance companies, says its estimates consolidated pre-tax loss, net of reinsurance and reinstatement premiums of $443 million, and after-tax loss of $288 million.

The losses comprise $265 million from Transatlantic Holdings, Inc.; $165 million from RSUI Group, Inc., and $13 million from Alleghany's Homesite Group Incorporated investment.

The company warns that its analysis of losses “may be materially different from this preliminary estimate due to the size and complexity of the event and the preliminary nature of the information available to prepare the estimate.”

Atlanta-based Assurant Specialty Property says it expects losses from Superstorm Sandy to be in the range of $200 million to $220 million on a pre-tax basis and net of reinsurance.

Based on the estimate, the company does not expect to exceed the retention limit of its 2012 property catastrophe reinsurance program.

The company says it has paid the majority of more than 13,000 Sandy-related claims on its own policies and processed nearly 9,300 claims for the NFIP.

Los Angeles-based Mercury General Corp. put its total loss estimate from Sandy at approximately $30 million. The company says the after-tax effect on fourth quarter 2012 net income is estimated to be approximately $20 million or 36 cents a share. 

Comments

Resource Center

View All »

Contractors General Liability Coverage 102

What is a prior work exclusion? Which option is right for my client? Why do...

Sign up today to get a 50% matching credit -...

Insurance marketing sometimes seems like it's a game of swings and misses, but we're here...

Guide: 5 Steps to Selling Cyber

Cyber risk and data security is on the agenda of every business owner and executive....

Citation Correlation

Do rigger and signalperson qualifications correlate with the cause of crane and rigging accidents? ...

Complete Guide to Electronic Signatures in Property & Casualty Insurance...

In property and casualty insurance, closing new business quickly is key. Learn how to leverage...

INSTANT ACCESS: Complimentary Sales Closer Questionnaires

Help property owners or managers compare your commercial residential property insurance coverage vs. the competition....

Determining Vacant Property Perils and Valuations

Are your clients fully covered for Vacant Properties? In this economic climate, your insureds may...

Risk Management for Law Firms

This package of 3 concise risk management articles offers straightforward content and practical suggestions law...

Guide: Top 15 E&O Risks-And How To Avoid Them

Accidents happen. But when it's an errors and omissions oversight, that accident can open your...

We'll Show You How to Reach Your Sales Goals

Whether you work alone or have a team of agents working for you, we can...

Looking for Markets?

Search Kirschner’s Insurance Directory to help service your hard to place risks.

497 Risk Categories | 70,000 P&C Insurance Markets

kirschners
Specialty Markets Insight eNewsletter

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

Advertisement. Closing in 15 seconds.