Four more offshore underwriters have issued collective preliminary loss estimates totaling nearly $700 million stemming from October's Superstorm Sandy.
Hamilton, Bermuda-based Everest Re Group Ltd. said Thursday that it estimates losses from Superstorm Sandy to be approximately $220 million, net of reinstatement premiums and taxes. Everest Re said in a statement that the impact of this loss would largely be reflected in the reinsurance segments.
Meanwhile, Hamilton, Bermuda-based Aspen Insurance Holdings Ltd. announced Thursday that it expects to sustain an estimated $175 million in losses after tax and net of reinsurance and reinstatement premiums related to the storm. The losses from the storm are estimated to arise approximately 65% from its reinsurance segment and 35% from its insurance segment.
Endurance Specialty Holdings Ltd. estimated that its losses related to Superstorm Sandy will be $160 million, pretax and net of reinsurance and reinstatement premium. “Approximately $125 million of the estimated losses from Superstorm Sandy emanated from Endurance's reinsurance segment, with the remainder of the estimated losses emanating from Endurance's insurance segment,” said Endurance in a statement.
And RenaissanceRe Holdings Ltd. said it expects that losses from Storm Sandy will have a net negative impact of approximately $130 million on its fourth quarter 2012 results of operations
American International Group Inc. said Friday that its preliminary estimate of AIG's aftertax losses related to Superstorm Sandy, net of reinsurance, will total approximately $1.3 billion.