CatCo sees no Irene impact – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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CatCo sees no Irene impact

Bermuda-based reinsurance opportunities fund CatCo Investment Management Ltd does not expect to incur any impact from Hurricane Irene if total losses from the storm are within the range of catastrophe modellers’ preliminary estimates.

In a statement issued through the stock exchanges in London and Bermuda yesterday, CatCo said: “Whilst it is too early for the industry, and indeed CatCo Investment Management Ltd, to confirm a definitive magnitude of retrocessional insured loss, early estimates from risk modelling firms Eqecat, Kinetic Analysis and AIR Worldwide suggest that maximum insured losses range from $1.5 billion to $6 billion.

“Assuming actual insurance losses achieved the upper level of this range, there would be no expected impact to the company’s portfolio.”

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Published August 31, 2011 at 10:46 am (Updated August 31, 2011 at 10:46 am)

CatCo sees no Irene impact

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