Allied World Assurance Company Holdings says it expects $40 million of drought-related crop reinsurance losses and expenses for the third quarter.

The Zug, Switzerland-based specialty insurance and reinsurance provider says investors can also expect to see the company book between $5 million and $10 million in losses from Hurricane Isaac.

The amounts are pretax and net of reinsurance recoverables, says Allied World, which adds that the third-quarter crop losses are in addition to the company's anticipated losses and loss expenses for this line of business prior to the severe drought that gripped the Midwest this year.

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