Collateralised reinsurer Oxbridge Re is expecting its fourth quarter 2018 results to be impacted by $6 million of losses resulting from natural catastrophes.
This figure includes $3.1 million in losses from Hurricane Michael and $2.9 million from the California Wildfires.
Both estimates take into consideration the company’s quota share arrangement through its reinsurance sidecar, Oxbridge Re NS, which was launched in June.
The announcement follows estimates from Swiss Re, which put its Q4 catastrophe losses at $1.3 billion, Arch at between $110-130 million, Kemper at $25-30 million, and The Hanover at $50 million.
Oxbridge Re is a Cayman Islands exempted company that was organised in April 2013 to provide reinsurance business solutions to property and casualty insurers in the Gulf Coast region of the U.S.
Through its subsidiaries, it writes fully collateralised policies to cover property losses from specified catastrophes, focusing on medium frequency, high severity risks.