Lancashire Holdings’ aggregate net losses from Hurricanes Harvey, Irma and Maria and the two Mexico earthquakes are estimated to be between $106 million to $212 million, net of reinsurance, and including reinstatement premiums.
These losses include the carrier’s exposures through its Bermuda, UK and Lloyd’s operations’ exposures as well as Kinesis third party capital facility exposures, and are in line with modelled loss ranges for these types of catastrophe events.
Alex Maloney, Group Chief Executive Officer (CEO), commented; “The extensive news coverage turned our thoughts to those whose lives, livelihoods and businesses were devastated by these forces of nature.
“As we assess the financial impact of these losses for Lancashire, these events illustrate the value of our products to our clients.
“Lancashire’s combination of a strong balance sheet and market leading professional expertise allows us to service the current and future needs of our clients and their brokers and to meet the long term expectations of our investors and broader stakeholders.”
Lancashire has hurricane risk exposure for the U.S. and the Caribbean in property retrocession, property direct and facultative, property reinsurance, cargo, marine and energy.
Lancashire said its preliminary estimates for these loss events are taken from a combination of market data and assumptions, a limited number of provisional loss advices, limited client loss data and modelled loss projections.
Final claims settlement for the events will take a considerable period of time, and the ultimate loss figure is likely to vary materially from the preliminary estimates announced.
