The Bermuda-based Catlin Group Limited announced that it currently estimates its Sandy-related losses at approximately $200 million, net of reinsurance and reinstatements.
Catlin noted that the “storm system caused extensive damage to portions of the United States and Canada on 29 October.”
The announcement also explained that the “estimate is subject to a considerable degree of uncertainty due to the size of the storm system and the wide variety of damage it caused. The Group anticipates that it will have a fuller understanding of the losses caused by the storm when it reports its 2012 full-year results.”
Source: Catlin Group
Topics Profit Loss Windstorm
Was this article valuable?
Here are more articles you may enjoy.
Abundant Reinsurance Capacity Accelerates Market Softening During 1/1 Renewals 
Three Top P/C Insurers Account for Most of Insurance AI Patents 
Former CEO of Nonprofit P/C Statistical Agent Sentenced for Stealing Millions 
Howden US Tells Judge Brown & Brown Employees Fled Due to ‘Mistreatment’ 
