Specialist and Lloyd’s focused re/insurer Beazley plc has released an early estimate of its aggregate net losses following the impacts of major hurricanes Harvey, Irma and Maria, as well as the series of earthquakes in Mexico.
The company sees its losses due to the recent catastrophe events falling in a range from US $175 million to US $275 million.
Yesterday, Lloyd’s of London warned of a US $4.45 billion hit due to hurricanes Harvey and Irma alone.
Beazley said that it still has “substantial catastrophe margins” available to it and it estimates these losses could would reduce its 2017 earnings by around US $150 million.
The re/insurer notes the “significant uncertainty” related to the eventual cost of these events.
Beazley said it will update further on the losses in its Q3 trading statement on 9th November, when it will also publish guidance on the full year combined ratio.
