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Additional offshore underwriters estimate losses from Sandy



Catastrophes P/C Insurers Everest Re Bermuda More + Less -

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