18 November 2016 Insurance

Alleghany estimates Matthew losses will be less than $75m

TransRe’s parent Alleghany Corporation has estimated its pre-tax loss relating to  Hurricane Matthew which hit North America at the beginning of October at less than $75 million.

The preliminary loss estimate – net of premiums and reinstatement premiums – is comprised of losses from its Transatlantic Holdings and RSUI Group subsidiaries, with each contributing approximately the same towards the loss.

The estimate is based upon analysis of reported claims, an underwriting review of in-force contracts, estimates of losses resulting from wind and other perils, such as storm surge and flooding to the extent covered by applicable policies, industry loss estimates and other factors requiring considerable judgement.

The actual losses will be reflected in Alleghany’s fourth quarter results and may be different to the preliminary estimates due to the preliminary nature of the information available to prepare the estimate.

The total impact to US and Caribbean economies as a result of Hurricane Matthew is $15 billion, according to a catastrophe report from Aon.

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