Blue Capital Q3 Catastrophe Estimate: $10.2M
Bermuda-based Blue Capital Reinsurance Holdings Ltd. announced that its third quarter results would be impacted by approximately $10.2 million dollars of catastrophe losses, net of reinsurance and reinstatement premiums.
The estimated losses consist of a $6.1 million increase in estimated losses related to Hurricane Irma, which made landfall in Florida in September 2017, as well as third quarter 2018 catastrophe losses of $4.1 million, which were largely driven by the impact of Hurricane Florence and Typhoon Jebi.
The Company’s loss estimates have been derived from the utilization of proprietary catastrophe modeling, standard industry models, an in-depth review of in-force contracts and initial indications from clients and brokers.
The Company noted their actual losses may ultimately differ materially from estimated losses due to the nature of the risks assumed, the complexity of the assessment of damages and, with respect to the third quarter 2018 catastrophes, the limited number of reported claims received to date.
