Lancashire Hurricane & Earthquake Estimate
Lancashire Holdings announced their estimated net ultimate losses from hurricanes Harvey, Irma and Maria and the earthquakes in Mexico, saying the aggregate estimated net ultimate losses is “expected to be in a range of $106 million to $212 million after anticipated recoveries from its outwards reinsurance programme and the impact of outwards and inwards reinstatement premiums.”
“This estimate falls well within the Company’s modelled loss ranges for these types of catastrophe events,” the company said. “The loss estimate includes Lancashire’s exposures through its Bermuda, UK and Lloyd’s operations and in respect of the Company’s participation within the Kinesis third party capital facility.
Alex Maloney, Group Chief Executive Officer, commented, “The extensive news coverage turned our thoughts to those whose lives, livelihoods and businesses were devastated by these forces of nature. As we assess the financial impact of these losses for Lancashire, these events illustrate the value of our products to our clients.
“Lancashire’s combination of a strong balance sheet and market leading professional expertise allows us to service the current and future needs of our clients and their brokers and to meet the long term expectations of our investors and broader stakeholders.”
Lancashire expects to provide an update as part of its earnings release covering the Group’s financial statements for the third quarter due for release on 2 November 2017.
