Bermuda-based re/insurer Arch Capital Group is anticipating catastrophe losses in the third quarter to fall between $190 million and $210 million.
Catastrophe that occurred during the period include hurricanes Isaias, Laura, and Sally, the Derecho Windstorm, California Wildfires and other minor global events.
Arch’s estimate relates to its property casualty re/insurance segments and is net of reinsurance recoveries and reinstatement premiums.
Included in these estimates is a range of estimates of $10 million to $15 million for ongoing exposure to COVID-19 global pandemic claims.
This estimate is in addition to the $260 million previously disclosed for the first half of 2020. for the six months ended June 30, 2020.
Additionally, the estimate excludes the operations of Watford Holdings, which Arch moved to purchase this week.
The deal is expected to close in the first-quarter of next year, following which, Watford will continue to operate as a standalone business and remain consolidated within Arch’s financials.