SiriusPoint braces for more than double European flood losses

Global specialty re/insurer  SiriusPoint has more than doubled its estimated third quarter losses arising from the European floods in July this year.

Severe flooding occurred in Germany’s North Rhine-Westphalia, Rhineland-Palatinate, and Bavaria and Saxony regions, as well as Belgium, France, Luxembourg, and the Netherlands from July 13th to 18th.

The re/insurer had originally estimated losses of around $30 million in relation to this event. However, after further evaluating its exposure, SiriusPoint now anticipates net losses, net of reinsurance and reinstatement premiums, of between approximately $70 and $100 million on its third quarter 2021 results of operations. This will result in an increase to its estimate of $40 to $70 million.

David Junius, SiriusPoint chief financial officer, said: “We have been actively monitoring the impact of the devastating European floods in July and have revised our initial loss estimate to be between $70 and $100 million following the significant increase in industry expectations to approximately Euro 10 billion."

"We are also evaluating our exposure to Hurricane Ida and will disclose SiriusPoint’s net loss estimates no later than the release of our third quarter earnings," he added.

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