Arch fourth-quarter catastrophe losses may hit $130 million
Reprints
Arch Capital Group Ltd. on Thursday said it expects that its fourth-quarter 2018 results will be hit by up to $130 million in catastrophe losses as Hurricane Michael and the California wildfires take their toll.
The Hamilton, Bermuda-based insurer and reinsurer reported that fourth quarter 2018 pre-tax catastrophe losses, arising mostly from its non-U.S. underwriting operations, would cost between $110 million and $130 million, net of reinsurance recoveries and reinstatement premiums. Previously, Arch said it expected Hurricane Michael losses of $40 million to $60 million.
Wildfires in California cost insurers $18 billion in 2018, and Hurricane Michael resulted in insured losses of $10 billion, according to a report by Munich Re earlier this week.
Read Next
-
Arch swings back to profit in third quarter
Arch Capital Group Ltd. on Tuesday reported $217 million in net income for the 2018 third quarter, rebounding from a $52.8 million loss for the comparable period in 2017.
