Blue Capital Expect $17M In Catastrophe Loss
Bermuda-based Blue Capital Reinsurance Holdings Ltd. announced that its fourth quarter results would be impacted by catastrophe losses currently estimated at $17 million dollars, which include losses related to Hurricane Michael, which made landfall in Florida in October 2018, as well as the 2018 California wildfires.
“The estimated losses are net of reinsurance and reinstatement premiums. Based on our current estimates for these events, the year-end 2018 fully converted book value per common share is expected to be between $11.25 and $12.00,” the company said.
“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’s 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 the limited number of reported claims received to date.”
