Lancashire Holdings Limited (LON:LRE) has estimated its net ultimate losses arising from hurricanes Harvey, Irma and Maria and the two recent earthquakes in Mexico to be in a range of US$106mln to US$212mln.
In a statement, the FTSE 250-listed insurer said the figures are stated after anticipated recoveries from its outwards reinsurance programme and the impact of outwards and inwards reinstatement premiums.
READ: Hiscox estimates it faces net claims totalling about US$225mln from both hurricanes Harvey and Irma
It added that the estimate falls well within the company’s modelled loss ranges for these types of catastrophe events.
The group said the loss estimate includes Lancashire’s exposures through its Bermuda, UK and Lloyd’s operations and in respect of the company’s participation within the Kinesis third party capital facility.
As additional information emerges, it added, the company’s actual ultimate loss may vary, perhaps materially, from the preliminary estimates announced, with the final settlement of all claims likely to take place over a considerable period of time.
Last week, fellow FTSE 250-listed insurer Hiscox Ltd (LON:HSX) estimated that it would face net claims totalling about US$225mln from both hurricanes Harvey and Irma which battered the Caribbean islands and mainland US in August and September.
The Lloyd's of London underwriter had said on September 18 that Hurricane Harvey alone would cost it at least US$150mln in claims based on an insured market loss of US$25bn.