Arch estimates up to $345 million in third-quarter cat loss

Insurer and reinsurer Arch Capital Group Ltd. said Monday it expects to report pre-tax catastrophe losses of $330 million to $345 million for the third quarter, largely due to losses from Hurricane Ida and flooding in Central Europe.

In a statement, the Bermuda-based company said the estimate is based on a total industry loss of more than $45 billion for the quarter, including $30 billion from Hurricane Ida, which hit the Louisiana coast in August before causing flooding in the northeastern United States, and $12 billion from flooding in Central Europe, after heavy rain across the region in July.

Last year, Arch reported third-quarter catastrophe losses of $203.3 million.