Arch likely to record up to $345 million in cat losses

Bermuda-based insurer and reinsurer Arch Capital Group Ltd. expects to record catastrophe loss of up to $345 million in the third quarter due to hurricanes Harvey, Irma and Maria, the Mexican earthquakes and other weather events across the world, Artemis.bm reports. Arch said that the loss is likely to be in a range from $285 million to $345 million, after tax, reinsurance recoveries and reinstatement premiums. "Actual losses may increase if Arch's reinsurers fail to meet their obligations to the insurer or the reinsurance protections purchased by Arch are exhausted or are otherwise unavailable," Arch added.

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