Reinsurance News

Heritage to incur $51.4m of Q3 cat & weather losses

21st October 2021 - Author: Matt Sheehan

Super-regional property and casualty insurance holding company has estimated that it will incur a total of $51.4 million catastrophe and weather losses for the third quarter of 2021.

Heritage Insurance LogoThis figure includes approximately $16.0 million of catastrophe losses stemming from Hurricanes Elsa, Fred, Henri and Ida.

It also includes $35.5 million of other weather losses for the quarter.

Heritage confirmed that it will release its full Q3 results on November 4th.

Other insurers to report on their Q3 cat losses this week include Allstate, which recorded total catastrophe losses of $1.3 billion for the third quarter of 2021, pre-tax, after taking $165 million in the month of September.

Lancashire also has announced estimated net losses from natural catastrophe events of between $165 million and $185 million for the third quarter of 2021, as well as losses of $40 million from its exposure to large loss events in its political violence portfolio related to the unrest in South Africa.

And Palomar announced pre-tax catastrophe losses of between $14.5 million and $15.5 million, net of reinsurance, for the quarter.

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