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National General puts pre-tax losses from hurricanes at up to $65 million

16th October 2017 - Author: Luke Gallin

National General Holdings Corp. estimates that its third-quarter 2017 results will be impacted by up to $65 million, pre-tax, as a result of hurricanes Harvey, Irma, and Maria.

National General logoNumerous insurers and reinsurers have now announced their estimated share of the losses from hurricanes Harvey, Irma, and Maria, which battered parts of the U.S. and the Caribbean during the third-quarter of this year.

The latest firm to report its estimated losses is National General Holdings, which expects that combined, the three hurricanes will result in a catastrophe loss of between $55 million and $65 million, pre-tax, or $38.5 million to $45.5 million, after-tax.

Between $25 million and $30 million ($17.5 million to $21 million after-tax) of the loss is from hurricane Irma, a further $25 million to $30 million ($17.5 million to $21 million after-tax) from hurricane Harvey, and the remaining $5 million ($3.5 million after-tax) relates to hurricane Maria.

The firm’s Chief Executive Officer (CEO), Barry Karfunkel, commented; “The successive hurricane events this quarter have caused an unfortunate amount of damage domestically. We are working with our talented claims staff to pay claims and assist our insureds in rebuilding what they have lost.”

RMS

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