European flood losses rising for specialty reinsurer SiriusPoint
SiriusPoint Ltd, the Bermuda-headquartered global specialty re/insurer, has more than doubled its previously disclosed estimated third quarter losses arising from the European floods in July.
Severe flooding occurred in Germany’s North Rhine-Westphalia, Rhineland-Palatinate, and Bavaria and Saxony regions, as well as Belgium, France, Luxembourg, and the Netherlands from July 13-18.
Following an original loss estimate of $30 million in relation to this event, SiriusPoint said it now anticipates net losses, net of reinsurance and reinstatement premiums, of between approximately $70 and $100 million on the company’s third quarter 2021 results of operations, resulting in an increase to its estimate of $40 to $70 million.
David Junius, SiriusPoint chief financial officer, said: “We have been actively monitoring the impact of the devastating European floods in July and have revised our initial loss estimate to be between $70 and $100 million following the significant increase in industry expectations to approximately Euro 10 billion.
“We are also evaluating our exposure to Hurricane Ida and will disclose SiriusPoint’s net loss estimates no later than the release of our third quarter earnings. Our thoughts are with our European and North American colleagues and clients as they navigate the aftermath of these events.”