Filed Under:Claims, Catastrophe & Restoration

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. 

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