Meadowbrook Insurance Group Inc., headquartered in Southfield, Mich., reported that so far it has approximately $5.1 million of known claims resulting from Hurricane Sandy. The claims reported from Hurricane Sandy are primarily limited to marine and properties in the Northeast.
The company expects its after-tax impact of claims related to Sandy to be between $3.5 and $4.5 million.
Meadowbrook purchases catastrophe reinsurance protection for aggregate claims above its retention of $4 million, plus 50 percent of $6 million in excess of the $4 million retained and $55 million in excess of $10 million.
Meadowbrook President and CEO Robert S. Cubbin commented: “Meadowbrook’s programs have historically had limited exposure to property risks, and the property segment of Meadowbrook and its subsidiaries represents approximately 11.2 percent of its entire book of business. We generally structure our insurance programs to avoid geographic concentration that could result in large losses due to catastrophes. The reported claim activity is preliminary, and we expect to provide an updated estimate during our quarterly earnings announcement.”
Source: Meadowbrook Insurance Group
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