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.