Arch Capital expects up to $345m nat cat hit in Q3
Bermuda-based Arch Capital Group said on Oct. 12 that it expects after-tax costs of $285 million to $345 million from natural catastrophes occurred in the third quarter of 2017.
The nat cat assessment includes Hurricanes Harvey, Irma and Maria, the Mexican earthquakes, and other more minor global events.
Due to the mix of estimated catastrophic losses by jurisdiction, Arch anticipates the tax rate applicable to these catastrophic losses to be lower than its effective annual tax rate on pre-tax operating income. The company determined a range for total industry insured losses across all 2017 third quarter events of $80 billion to $100 billion.
The company warned that actual losses may increase if the company’s reinsurers fail to meet their obligations to the company or the reinsurance protections purchased by the company are exhausted or are otherwise unavailable.
Arch Capital Group is a Bermuda-based company with approximately $11.13 billion in capital at June 30, 2017, and provides insurance, reinsurance and mortgage re/insurance on a worldwide basis through its wholly owned subsidiaries.
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