Beazley expects $150m earnings hit from nat cat losses in 2017

Specialist insurer Beazley said on Sept. 29 that it expects the aggregate net cost of the recent Atlantic hurricanes Harvey, Irma and Maria and the series of earthquakes in Mexico to cost the company between $175 million and $275 million.

As a result, these losses are expected to reduce 2017 earnings by approximately $150 million. The company noted that it is holding substantial catastrophe margins.

As there is significant uncertainty surrounding the cost of the nat cat events, the company said that a further update will be included in the third quarter trading statement on Nov. 9. The trading statement will also include guidance on the full year combined ratio.

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