Three Bermuda-based insurers have announced their expectedlosses from Superstorm Sandy as fourth-quarter earningsannouncements near.
|PartnerRe Ltd. leads the most recent group of companies lettinginvestors know of catastrophe losses. The reinsurer sayslate-October's Sandy will result in a pretax charge of between $200million and $240 million, after retrocession and reinstatementpremiums, in its fourth-quarter results.
|A statement from the Pembroke, Bermuda-based company says mostof its losses will come from commercial-line exposures, ascatastrophe treaties, property per-risk treaties, marine trinetreaties, engineering treaties and facultative policies wereimpacted by Sandy.
|Hamilton, Bermuda-based Arch Capital Group—a provider ofinsurance and reinsurance—says Sandy will cost it between $170million and $240 million.
|Arch says 60 percent of losses will come from its reinsuranceoperations. The balance can be attributed to insuranceoperations.
|The estimated loss range, which is also net of reinsurance andreinstatement premiums, is based on projected industry losses of$20-$25 billion.
|Maiden Holdings, also of Hamilton, chimes in by releasingexpected losses from Sandy of between $25 million and $35 million,primarily attributable to its excess & surplus propertyinsurance 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 additionalSuperstorm Sandy-related news HERE.
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