Bermuda-based insurance holdings company, James River Group Holdings, has put its pre-tax losses from the combined impacts of hurricanes Harvey, Irma and Maria in the third-quarter, at an estimated $10 million.
The estimation is net of reinsurance and reinstatement premiums, and the company notes that the approximate $10 million figure is subject to change in light of the complexity of the claims and the estimate being based on current evaluation of affected contracts.
Commenting on the impact, James River Group Chairman and Chief Executive Officer (CEO), J. Adam Abram, said; “Our expected loss of $10 million in the face of industry losses that are likely to exceed $100 billion is an affirmation of our low volatility model. This loss will affect our earnings for the quarter and the year.
“However, we continue to anticipate earning a 12% or better return on tangible equity for the full year.”