Arch expects catastrophe loss of up to $75m
Arch Capital Group Ltd expects a hit of up to $75 million from catastrophes in its third-quarter results.
The Bermudian-based re/insurer said today that the bulk of the losses relate to Hurricane Dorian, which devastated parts of the Bahamas las month, and Typhoon Faxai, the strongest storm to hit Japan in 60 years.
Arch said the pretax loss estimate, which is in the range of $65 million to $75 million, was net of reinsurance recoveries and reinstatement premiums.
“At this time, there are significant uncertainties surrounding the scope of damage for these events, as well as the other global events,” Arch said.
The loss estimates exclude the operations of Watford Holdings Ltd, in which Arch owns an 11 per cent equity stake.
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