CATCo: Sandy loss estimate unchanged
CATCo Reinsurance Opportunities Fund reported that estimated losses for last year’s Hurricane Sandy are unchanged at $18.75 billion.
A specialist Bermuda reinsurance-linked investment manager, CATCo says this is the third re-survey loss estimate issued by Property Claims Services, an independent company which investigates reported disasters and determines the extent and type of damage.
CATCo says that PCS would ordinarily label this loss estimate as 'final; at $18.75 billion, which would then lead to a final settlement of all of CATCo-Re's industry loss warranty contracts exposed to Hurricane Sandy.
But PCS has elected to allow for one more re-survey within 60 days due to the complexity and severity of this event.
“The existing retrocessional reinsurance loss reserve provision that is included in the company's net asset value calculation is based on an insured industry loss of $20 billion,” CATCo said.
“The Board of Directors remains of the opinion that there is no need to amend the existing retrocessional reinsurance loss reserve provision that is currently in place.
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