Reinsurance News
Hurricane Harvey
Hannover Re’s parent exhausts large loss budget on HIM & Mexico quakes
27th October 2017
Talanx Group, the parent company of reinsurance giant Hannover Re, has announced losses of approximately €900 million (US$1.05bn) from hurricanes Harvey, Irma, and Maria, and the two Mexico earthquakes, meaning it's now exhausted its catastrophe loss budget for 2017. Talanx announced previously that it expects to "exceed the pro-rata large loss ... Read the full article
Hurricanes & quakes drive costly year for Japanese insurers
24th October 2017
Japanese insurers Tokio Marine Holdings, MS&AD Insurance Group Holdings, Inc, and Sompo Holdings are estimating a combined payout of almost $2.5 billion in claims related to hurricanes Harvey, Irma and Maria, and the Mexico earthquakes. The events make it one of the costliest year's for Japanese insurers since the Thai floods in 2011, ... Read the full article
Lloyd’s pegs Hurricane Maria loss at $0.9 billion
23rd October 2017
Lloyd’s has released a preliminary $0.9 billion hurricane Maria claims estimate, and lowered its net claims estimates for hurricanes Harvey and Irma from a combined $4.5 down to $3.9 billion. "The claims estimate for Harvey and Irma has reduced approximately 10% from the precautionary figure we issued with our half year ... Read the full article
Sompo Holdings racks up $617mn HIM & Mexico quake losses
20th October 2017
Sompo Holdings has racked up losses from the August and September hurricanes that devastated the East Coast of the U.S. and the Caribbean, and the two major Mexico earthquakes, of $617 million (JPY 70bn), pre-tax. Hurricanes Harvey and Irma accounted for the Japanese carrier's heaviest losses with $211.6 million (JPY 24bn) ... Read the full article
Swiss Re estimates $3.6bn of losses from HIM and Mexico quakes
20th October 2017
Global reinsurance giant Swiss Re has released estimated catastrophe losses for the third-quarter of $3.6 billion, driven by hurricanes Harvey, Irma and Maria, and the Mexico earthquakes. The figure is based on a total market insured loss of $95 billion from the three hurricanes and earthquakes in Mexico, and is net ... Read the full article
Blue Capital reveals $57.5 million of catastrophe losses in Q3
19th October 2017
Blue Capital Reinsurance Holdings has revealed preliminary third-quarter catastrophe losses of $57.5 million, net of reinsurance and reinstatement premiums. The estimated losses include the impacts of hurricanes Harvey, Irma and Maria and the September earthquakes that shook Southern and Central Mexico. Blue Capital expects its September 30th, 2017 book value per share ... Read the full article
Zurich puts Harvey, Irma and Maria losses at $700 million
19th October 2017
Global insurer Zurich expects hurricanes Harvey, Irma and Maria to result in net claims of $700 million in the third-quarter for the firm's property and casualty (P&C) segment, net of reinsurance and pre-tax. After tax, Zurich estimates the hit to its P&C segment from the three events will be $620 million, ... Read the full article
Reinsurance segment to assume majority of EMC’s record Q3 cat losses
18th October 2017
EMC Insurance Group Inc.'s reinsurance segment will take the majority of the firm's record third-quarter catastrophe losses of $29.4 million, which includes losses from hurricanes Harvey, Irma, and Maria, and the Mexico earthquakes. The $29.4 million sum is net of inter-company reinsurance recoveries, and includes approximately $9.9 million to its property ... Read the full article
Aspen warns of $340mn underwriting loss in Q3 on back of hurricanes
17th October 2017
Aspen Insurance has revealed pre-tax losses from Hurricanes Harvey, Irma and Maria of $310 million, net of reinsurance and reinstatement premiums. The Mexican earthquakes and other loss events contributed to an additional $50 million in pre-tax losses, net of reinsurance and reinstatement premiums. Aspen's reinsurance segment was hit with the majority of ... Read the full article
Argo estimates Q3 cat losses of up to $110 million
17th October 2017
Specialty insurer and reinsurer, Argo Group International Holdings, Ltd., has announced estimated catastrophe losses for the third-quarter of 2017 of between $85 million and $110 million, pre-tax and net of reinsurance, reinstatement premiums and expected profit commissions. The reinsurer attributes much of the loss to hurricanes Harvey, Irma, and Maria, as ... Read the full article
James River Group pegs Harvey, Irma, Maria loss at $10 million
16th October 2017
Bermuda-based insurance holdings company, James River Group Holdings, has put its pre-tax losses from the combined impacts of hurricanes Harvey, Irma and Maria in the third-quarter, at an estimated $10 million. The estimation is net of reinsurance and reinstatement premiums, and the company notes that the approximate $10 million figure is ... Read the full article
National General puts pre-tax losses from hurricanes at up to $65 million
16th October 2017
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. Numerous insurers and reinsurers have now announced their estimated share of the losses from hurricanes Harvey, Irma, and Maria, which battered parts of ... Read the full article
Tokio Marine estimates $580mn loss from Harvey, Irma, Maria, and Mexico quakes
13th October 2017
Tokio Marine Holdings, Inc. has announced that it expects estimated pre-tax catastrophe losses, net of reinsurance, from the Mexico earthquakes, and hurricanes Harvey, Irma, and Maria, to total around 65 billion yen (US$580 million). "We would like to express our sincerest sympathies to all who have been affected by the natural ... Read the full article
Lloyd’s pays out $738 million for Harvey, Irma and Maria claims
13th October 2017
The specialist Lloyd's of London insurance and reinsurance marketplace has now paid out $738 million in response to the impacts of Hurricanes Harvey, Irma, and Maria. Lloyd's announced previously that it expects losses from just hurricanes Harvey and Irma to reach $4.5 billion, as it continues to assess the hit ... Read the full article
Arch estimates Q3 catastrophe losses of up to $345 million
13th October 2017
For the third-quarter of 2017, Arch Capital Group Ltd. has provided an estimated loss of between $285 million and $345 million from catastrophe events, which includes the Mexico earthquakes, and Hurricanes Harvey, Irma, and Maria. The firm's estimate is based on a total re/insurance industry loss for the quarter of between ... Read the full article