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National General reveals $63-65 mn Q4 impact from California fires

11th January 2018 - Author: Staff Writer

National General has revealed an expected $63 – $65 million pre-tax impact to 2017 fourth quarter results from the fires that ravaged Northern and Southern California.

Photo: NBC news

The estimated losses are net of reinsurance recoverables and including reinstatement premiums, and at $53 million pre-tax the firm’s total losses from the fire are roughly in line with previous pre-tax estimates in the $40-45 million range excluding reinstatement costs.

Total losses from the December Southern California fires are expected at about $10-12 million pre-tax (net of quota share reinsurance recoverables).

In addition to the impact from the California fires, National General anticipates a further $20-30 million after-tax from a one-time non-cash tax charge due to the reduction in the corporate tax rate that will lead to a revaluation of the firm’s deferred tax assets.

However, National General added that it expects its future after-tax earnings to be positively impacted by the recently implemented tax regime.

RMS

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