Blue Capital Reinsurance Holdings, the Bermuda-based reinsurer owned by Sompo International has announced approximate fourth quarter catastrophe losses of $30 million, an aggregate figure net of reinsurance and reinstatement premiums.
This escalation from the firm’s previous $17 million estimate back in December 2018 is driven by increased client-specific and industry-wide loss reports received after the prior announcement, related primarily to typhoon Jebi and the California wildfires.
Based Blue Capital Re’s updated estimates for these events, the year-end 2018 fully converted book value per common share is expected to be between $10 and $10.50.
The reinsurer explained that its loss estimates have been derived from the utilisation of proprietary catastrophe modelling, standard industry models, an in-depth review of in-force contracts and initial indications from clients and brokers.
It added that its actual losses may ultimately differ materially from estimated losses due to the nature of the risk assumed, the complexity of the assessment of the damages, and the limited number of reported claims to date.
The company has stated that it will release its Q4 2018 Results in-full on 30 January 2019