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Alleghany Corp. has estimated its consolidated pretax losses caused by Hurricane Matthew at less than $75 million, net of reinsurance and reinstatement premiums.
Alleghany's preliminary loss estimate comprises losses from its reinsurer unit, Transatlantic Holdings Inc., and its property/casualty insurer subsidiary, RSUI Group Inc., with each contributing about equally to the loss, the New York-based investment holding company said Thursday in a statement.
Alleghany's preliminary loss estimate is based on an analysis of reported claims, an underwriting review of in-force contracts, estimates of losses resulting from wind and other perils, including storm surge and flooding to the extent covered by applicable policies, industry loss estimates and other factors, according to the company.
However, the final amount of Alleghany's actual losses associated with Hurricane Matthew may be different from the preliminary estimate due to the preliminary nature of the information available to prepare the estimate, the company said.
Losses related to Hurricane Matthew will be reflected in Alleghany's fourth-quarter 2016 results, according to the statement.
Hurricane Matthew caused $1.5 billion to $5 billion in U.S. insured losses, Risk Management Solutions Inc. said Friday, making it the costliest Atlantic windstorm to the insurance and reinsurance industry since Superstorm Sandy struck in 2012.