Arch estimates Q3 cat losses at $190-210M
Reprints
Arch Capital Group Ltd. said Tuesday that 2020 third-quarter pretax catastrophe losses will range from $190 million to $210 million, including estimates of $10 million to $15 million for exposure to COVID-19 claims, across its property/casualty insurance and reinsurance segments, net of reinsurance recoveries and reinstatement premiums.
The estimate includes losses from third-quarter catastrophe events including hurricanes Isaias, Laura and Sally, the Midwest derecho windstorm and West Coast wildfires, but does not include any potential losses from the mortgage insurance segment, the Pembroke, Bermuda, insurer and reinsurer said in its Tuesday statement.
Arch clarified that the estimates of $10 million to $15 million for ongoing exposure to COVID-19 global pandemic claims are in addition to the $260 million estimate previously disclosed for the six months ended June 30, 2020.
Arch added that “The Company’s estimates across its insurance and reinsurance segments are based on currently available information,” and “at this time, there are significant uncertainties surrounding the ultimate number of claims and scope of damage resulting from these events.”
More insurance and risk management news on the coronavirus crisis here.
Read Next
-
Arch wins ruling on arbitration in sexual misconduct case
A federal district court ruled in favor of Arch Specialty Co. on Monday and said it does not have to submit to arbitration in a dispute with the University of Southern California over coverage involving a former USC physician charged with sexual misconduct.
