Montpelier Expects $95M Loss From Superstorm
Bermuda-based Montpelier Re Holdings Ltd. said its pretax net loss incurred from Superstorm Sandy in the fourth quarter will be approximately $95 million, which is net of reinsurance recoveries and reinstatement premiums.
This initial loss estimate is based on a combination of Montpelier’s proprietary CATM modeling analysis, an underwriting assessment of in-force contracts and a limited number of loss advices received from clients. Because of the uncertainties associated with the various inputs to the estimate, Montpelier’s actual losses may differ significantly from the estimate.
Hurricane Sandy battered the Northeast in October 2012, killing more than 100 people, leaving tens of thousands homeless, cutting power to more than 8 million homes, crippling mass transit and inflicted billions of dollars in infrastructure damage.
