Markel Corporation has announced estimated third-quarter pre-tax underwriting losses of $503 million from the impacts of hurricanes Harvey, Irma, Maria, and the Mexico City earthquakes.
The firm states that the estimate is net of reinstatement premiums, and is based on claims received to date, and industry loss estimates, from both the industry and proprietary models.
Commenting on the impacts of the events, Richard R. Whitt, III, Co-Chief Executive Officer (CEO) at Markel, said; “These significant losses fell within our expectations. At Markel we are well-positioned with our strong balance sheet to respond to the claims of our insureds. With both underwriting capacity and risk appetite, we are prepared to further assist our customers and trading partners in meeting their ongoing insurance and reinsurance needs.”
Markel also said that its estimates are preliminary, and could be subject to change. Markel is the latest in a string of insurers and reinsurers to report the impacts of recent catastrophe events, and the impact this is expected to have on third-quarter 2017 results.
