Superstorm: Allied World Expect $165M Cost
Bermuda-based Allied World Assurance Company expects to record approximately $165 million in catastrophe related losses in the fourth quarter of 2012 related to Superstorm Sandy which struck the Atlantic coastline of the United States in late October. This amount is pre-tax and net of reinsurance recoverables and reinstatement premiums.
President and Chief Executive Officer Scott Carmilani commented, “As a diverse property and casualty underwriter in the United States with large direct commercial account exposures and a reinsurer of both commercial and personal risks, this loss is within our expectation for an event of this magnitude.
“While we caution that all estimates should be considered preliminary at this point, we believe the $165 million that Allied World is reporting reflects a realistic appreciation of the severity of Superstorm Sandy as well as a thorough review of our insurance and reinsurance exposures in the region.”
