Reinsurance News

SiriusPoint expects July flooding in Europe to dent its Q3 result by up to $100mn

9th September 2021 - Author: Katie Baker

International specialty re/insurer SiriusPoint has updated its estimated third quarter losses arising from the European floods in July 2021.

The flooding occurred in Germany’s North Rhine-Westphalia, Rhineland-Palatinate, and Bavaria and Saxony regions, as well as Belgium, France, Luxembourg, and the Netherlands from July 13th to 18th.

Following an original loss estimate of $30 million in relation to this event, SiriusPoint now anticipates net losses of between approximately $70 and $100 million on the company’s third quarter 2021 results of operations, a large increase from its original estimate of $40 to $70 million.

David Junius, SiriusPoint Chief Financial Officer, said: “We have been actively monitoring the impact of the devastating European floods in July and have revised our initial loss estimate to be between $70 and $100 million following the significant increase in industry expectations to approximately Euro 10 billion.

“We are also evaluating our exposure to Hurricane Ida and will disclose SiriusPoint’s net loss estimates no later than the release of our third quarter earnings. Our thoughts are with our European and North American colleagues and clients as they navigate the aftermath of these events.”

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