Maiden expects Sandy losses of $25m-$35m
Bermuda-based re/insurer Maiden Holdings Ltd estimates its losses relating to Superstorm Sandy will range from $25 million to $35 million
The storm battered the Mid-Atlantic and Northeastern US at the end of October.
The estimate, which is based on a comprehensive analysis of the company’s exposure in the affected area, as well as loss reports and estimates from clients, is net of applicable reinsurance.
Maiden’s exposure to this event emanates predominantly from its excess and surplus lines property insurance business, Maiden Specialty, and to a lesser extent from the US assumed treaty reinsurance business.
“Maiden remains strongly capitalised and well positioned to continue to profitably support the needs of regional and specialty insurers,” the company said yesterday.