Filed Under:Markets, E&S/Specialty

Up to $240M in Sandy Losses Each for PartnerRe, Arch Capital

Three Bermuda-based insurers have announced their expected losses from Superstorm Sandy as fourth-quarter earnings announcements near.

PartnerRe Ltd. leads the most recent group of companies letting investors know of catastrophe losses. The reinsurer says late-October’s Sandy will result in a pretax charge of between $200 million and $240 million, after retrocession and reinstatement premiums, in its fourth-quarter results.

A statement from the Pembroke, Bermuda-based company says most of its losses will come from commercial-line exposures, as catastrophe treaties, property per-risk treaties, marine trine treaties, engineering treaties and facultative policies were impacted by Sandy.

Hamilton, Bermuda-based Arch Capital Group—a provider of insurance and reinsurance—says Sandy will cost it between $170 million and $240 million.

Arch says 60 percent of losses will come from its reinsurance operations. The balance can be attributed to insurance operations.

The estimated loss range, which is also net of reinsurance and reinstatement premiums, is based on projected industry losses of $20-$25 billion.

Maiden Holdings, also of Hamilton, chimes in by releasing expected losses from Sandy of between $25 million and $35 million, primarily attributable to its excess & surplus property insurance business, Maiden Specialty.

The reinsurer adds some losses will come from its U.S. assumed-treaty reinsurance business.

Catastrophe modelers say Sandy could cause up to $25 billion in losses for the insurance industry.

Read about other estimated company losses and additional Superstorm Sandy-related news HERE.

Featured Video

Most Recent Videos

Video Library ››

Top Story

5 keys to managing a data breach

Clients should report a data breach to their insurance agent or broker as soon as it occurs.

Top Story

5 risks that threaten the drone industry

Safety, security and surveillance issues pose incredible risks to operators of this technology, according to a recent Lloyd's report.

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.