Six more Bermuda-based insurers and another from Switzerland have chimed in with expected catastrophe losses from Superstorm Sandy.
Axis Capital Holdings of Pembroke leads this latest grouping by announcing $300 million as its preliminary estimate of Sandy-related losses, after tax, reinsurance recoveries and reinstatement premiums.
The amount is to be split evenly between the company’s insurance and reinsurance segments, with most losses in the reinsurance side coming from property catastrophe and property per-risk treaty accounts with commercial property exposure.
Axis says it expects to retain all losses in the reinsurance segment.
Losses in the insurance unit are expected to primarily come from commercial property business as well as marine lines, which include cargo recreational marine, fine art and coined-money coverages.
Axis says it expects some recoveries for its property and marine losses. The company retains the first $150 million in losses and 50 percent of the next $100 million layer, Axis says.
The Hamilton, Bermuda-based reinsurer says it expects $220 million in losses from Sandy after taxes and reinstatements.
“Despite these losses, we expect to have an operating profit for the quarter,” says Joseph V. Taranto, CEO, in a statement. The loss estimate is based on industry losses and between $20 billion and $25 billion.
Fourth-quarter earnings will include about $175 million in losses attributable to Sandy, after reinsurance and reinstatement premiums.
The Hamilton-based insurer and reinsurer says about 65 percent of losses will come from its reinsurance segment, with the remaining felt in its insurance segment.
About $165 million in fourth-quarter catastrophe losses from Sandy are expected by Zug, Switzerland-based Allied World Assurance Co. Holdings.
The estimate is pretax and net of recoveries and reinstatements.
The specialty insurer and reinsurer says about $95 million of the total will come from its insurance segment.
Allied World says its estimate is based on industry losses approaching $25 billion. The loss is “well within our expectation for an event of this magnitude,” CEO Scott Carmilani says in a statement.
Endurance Specialty Holdings
Endurance Specialty Holdings puts its Sandy-related losses at $160 million, pretax and net of reinsurance and reinstatement premiums.
About $125 million of the total will come from the Pembroke company's reinsurance segment, with the remainder seen in its insurance segment.
Endurance says it arrives at its estimate by using its proprietary catastrophe modeling, standard industry models, a review of contracts, and initial reports from clients and brokers.
Pembroker, Bermuda-based RenaissanceRe Holdings puts its fourth-quarter impact from Sandy at about $130 million.
RenRe says its predicted tally includes est8imates of claims, claims expenses, reinstatement premiums assumed and ceded, lost-profit commissions, redeemable non-controlling interest, and other income.
Argo Group International Holdings says it expects fourth-quarter results to be hit by pretax losses of between $45 million and $55 million, net of reinsurance and reinstatements.
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.