Reinsurance News

RLI announces Q3 cat losses of up to $35mn, net of reinsurance

7th October 2021 - Author: Luke Gallin

U.S. property and casualty insurance company, RLI Corp., has pre-announced estimated pre-tax catastrophe losses of between USD 30 million and USD 35 million for the third-quarter of 2021.

RLI Corporation logoRLI is scheduled to release its third-quarter 2021 financials after the market closes on October 20th.

The insurer’s loss range of USD 30 million to USD 35 million is net of reinsurance, and includes losses from Hurricane Ida in the U.S. and other events that occurred in the quarter.

RLI notes that its loss estimates are subject to change owing to the complexity of the claims and preliminary nature of the information available to prepare the estimates.

The company is the latest to join a growing list of insurers and reinsurers that have pre-announced losses from the impacts of Hurricane Ida.

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This includes the likes of Swiss Re, Horace Mann, The Hanover, Progressive, Allstate, and others.

Currently, the industry-wide loss estimate for Hurricane Ida is hovering around the USD 30 billion mark, with some of the upper ends of ranges even going beyond USD 40 billion.

Analyst at KBW explained that, “Beyond the catastrophe losses, we expect RLI’s 3Q21 results to include double-digit top-line growth, persistent core combined ratio improvement, and significant reserve releases.”

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