Arch pegs Q1 cat losses at $180M to $190M
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Arch Capital Group Ltd. said Friday that its first-quarter pretax catastrophe losses will be between $180 million and $190 million across its property/casualty insurance and reinsurance segments.
The hit to first-quarter earnings comes from North American winter storms Uri and Viola in February and “other, minor global events,” Arch said.
The estimates are net of reinsurance recoveries and reinstatement premiums and include a de minimis amount for ongoing exposure to COVID-19 global pandemic claims.
The initial estimates for winter storms Uri and Viola are based on a range of industry insured losses of $14 billion to $16 billion. These losses are expected to be split approximately 80%/20% between Arch’s reinsurance and insurance businesses, respectively.
Arch said the estimates encompass “significant uncertainties” and that “actual losses from these events may vary materially.”
On Thursday, RenaissanceRe Holdings Ltd reported a similar estimate of $180 million in first-quarter cat losses. On Wednesday, Axis Capital Holdings Ltd. said it would take a $115 million first-quarter hit.
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