Catlin's net losses from Superstorm Sandy estimated at $200 million

Two large Lloyd's of London insurers that also have insurance and reinsurance operations in the United States, announced loss estimates from Superstorm Sandy on Tuesday.

Hamilton, Bermuda-based Catlin Group Ltd., said that its net losses related to the storm, which made landfall in the United States in late October, would be about $200 million.

Catlin said in a statement Tuesday that the estimate still was subject to a considerable degree of uncertainty because of the size of the storm system and the wide variety of damage that it caused.

Catlin operates multiline Lloyd's syndicate 2003, as well as Catlin U.S. — a specialty insurer and reinsurer with operations across the United States — and units in Bermuda, Canada, Europe and Asia Pacific.

Meanwhile, Hamilton, Bermuda-based Hiscox Ltd. on Tuesday announced it expected net claims of about £90 million ($145.5 million) from the storm. It said that estimate was based upon an insured market loss of $20 billion.

Hiscox, which has operations in the United States and Europe as well as syndicates 33 and 6104 at Lloyd's, said the estimate falls within its budgeted loss expectations for the year.