HAMILTON, Bermuda—Arch Capital Group Ltd. said Tuesday that second-quarter catastrophes will result in losses of $90 million to $110 million, adding to its previous tallies.
The Hamilton, Bermuda-based reinsurer and insurer said losses from severe weather that hit the United States in April and May and the latest earthquake in New Zealand are included in the total.
The second-quarter losses added to Arch’s April estimate of $178.7 million in catastrophe-related losses during the first quarter of the year.
Arch said its latest estimate is net of reinsurance and reinstatement premiums, and most of it relates to second-quarter events. A fraction of the estimate includes re-estimating its first-quarter catastrophe losses, Arch said in a statement. Arch did not provide a revised first-quarter total in its statement.
HAMILTON, Bermuda—Arch Capital Group Ltd. said full-year net income for 2010 was $816.7 million, compared with $851.1 million in 2009, as profits for the fourth quarter took a hit from Australian flood losses.