Navigators could see catastrophe losses up to $70 million
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Navigators Group Inc. estimates that its losses from natural catastrophes in the third quarter of 2017 will range from $50 million to $70 million pretax and $33 million to $45 million after-tax, the insurer said in a statement Thursday.
Navigators said it was providing the figures, which include potential claims from Hurricanes Harvey, Irma and Maria and the earthquakes in Mexico, “because of the unprecedented frequency and severity of natural catastrophe events during the quarter.”
The estimates reflect “management's best estimates based on a review of its potential exposures, preliminary discussions with certain counterparties and catastrophe modeling techniques,” but “are subject to change due to the complexity of the events and preliminary nature of the information available,” the statement said.
Navigators added that its updated loss estimates will be included in the company’s third-quarter 2017 results when reported.
Loss estimates have varied widely for the cluster of September catastrophes, with many companies projecting eight- and nine-figure losses, while cumulative losses may make 2017 the costliest catastrophe year on record.
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