Tower Group expects an after-tax net loss of between $55 million and $68 million next quarter due to Superstorm Sandy, while Fitch Ratings says insurers can easily handle the losses—and then some.
During a Nov. 8 conference call to discuss the company's third-quarter earnings, CEO Michael L. Lee said he expects Sandy to “easily cause the largest catastrophic event [in Tower's] history.”
Lee said Sandy will be an earnings event for Tower, not a capital event—which could mean improved personal-lines market conditions since “many companies face substantial losses from this event.”
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