Alleghany Expects $288M Sandy Loss; Assurant Estimates $200M Loss

December 20, 2012Email ThisPrintNewslettersTweetArticleComments

Alleghany Corporation said this week its preliminary estimate of after-tax loss related to Sandy — net of reinsurance and reinstatement premiums — would be approximately $288 million.

Alleghany said this estimate reflects a consolidated pre-tax loss estimate, net of reinsurance and reinstatement premiums, of approximately $443 million, comprising $265 million from Transatlantic Holdings Inc., $165 million from RSUI Group Inc., and $13 million from Alleghany’s Homesite Group Incorporated investment.

Alleghany’s preliminary loss estimate is based upon an analysis of reported claims, an underwriting review of in-force contracts, estimates of losses resulting from wind and other perils, including storm surge and flooding to the extent covered by applicable policies, and other factors requiring considerable judgment.

The company said the ultimate amount of actual losses may be materially different from this preliminary estimate due to the size and complexity of the event and the preliminary nature of the information available to prepare the estimate. These Sandy-related losses will be reflected in Alleghany’s fourth quarter 2012 results, and any subsequent changes will be recorded in the period in which they occur.

Meanwhile, Assurant Specialty Property said it expects losses from Superstorm Sandy to be in the range of $200 million and $220 million on a pre-tax basis and net of reinsurance. Based on this estimate, the company said it does not expect to exceed the retention limit of its 2012 property catastrophe reinsurance program.

Assurant Specialty Property, part of Assurant, is a leading provider of renters and lender-placed homeowners insurance and the sixth-largest administrator of the National Flood Insurance Program (NFIP). In addition to paying the majority of more than 13,000 Sandy-related claims on its own policies, the company has processed nearly 9,300 claims for the NFIP.

 

Email ThisPrintNewslettersTweetCategories: East NewsTopics: Alleghany, Assurant, CAT loss, cat losses, catastrophe loss, catastrophe losses, Sandy loss, Sandy loss estimate, storm loss, storm losses, Superstorm SandyHave a hot lead? Email us at newsdesk

View the Original article

Allianz Estimates Sandy Impact at $670 Million; Won’t Affect Profit Forecast

January 18, 2013Email ThisPrintNewslettersTweetArticleComments

Germany’s Allianz SE has announced that its losses from Hurricane Sandy are estimated to total

View the Original article

W.R. Berkley Estimates $40-$50 Million Net Loss From Sandy

December 14, 2012Email ThisPrintNewslettersTweetArticle2 Comments

W.R. Berkley Corp. announced it expects catastrophe losses attributable to Superstorm Sandy will be between $40 million and $50 million, before tax.

The Greenwich, Conn.-based insurer said Thursday its loss estimate gives consideration to all currently available reinsurance and is inclusive of reinstatement premiums.

W.R. Berkley Corp. is an insurance holding company that is among the largest commercial lines writers in the United States and operates in five segments of the property casualty insurance business: specialty insurance, regional property casualty insurance, alternative markets, reinsurance and international.

A number of insurers have announced their initial Sandy-related loss estimates in past several days. The Chubb Corporation said it estimates Sandy-related losses to be around $570 million after tax. The Hanover Insurance Group estimates the net after-tax earnings impact of the storm to be in the $120-to-$140 million range.

Additionally, The Hartford Financial Services Group said it expects pretax losses of $370 million from Sandy. American International Group said its preliminary estimate of after-tax Sandy-losses, net of reinsurance, is approximately $1.3 billion. New Jersey Manufacturers Insurance Company said its Sandy-related payouts could exceed $300 million.

 

Email ThisPrintNewslettersTweetCategories: East NewsTopics: CAT loss, catstrophe loss, Sandy, Sandy loss, Sandy loss estimate, Superstorm Sandy, W.R. Berkley, W.R. Berkley Corp.Have a hot lead? Email us at newsdesk

View the Original article