Arch expects $165m cat hit across P&C reinsurance segments
Arch Capital Group has estimated pre-tax catastrophe losses of $155 million to $165 million across its property & casualty insurance and reinsurance segments in the fourth quarter of 2020, net of reinsurance recoveries and reinstatement premiums.
The re/insurer reported that its 2020 fourth quarter results were negatively impacted by a set of catastrophe events, including Hurricanes Delta and Zeta and other minor global events, as well as updated loss estimates for catastrophes that occurred during the third quarter.
The company's range of estimates for exposure to COVID-19 pandemic claims through Dec. 31, 2020 are essentially unchanged from the prior quarter estimates, it said.
Arch noted that there are significant uncertainties surrounding the ultimate number of claims and scope of damage resulting from these events. Hence, the actual losses may vary materially from the estimates due to several factors, including the inherent uncertainties in making such determinations.
The loss estimates exclude the operations of Watford Holdings.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze