American Financial Group expects $105m nat cat losses
Property/casualty insurer American Financial Group (AFG) said on Oct. 3 that it expects losses from natural catastrophes of approximately $105 million pretax and net of AFG’s reinsurance coverage for the third quarter.
The estimate includes Hurricanes Harvey, Irma and Maria, as well as two earthquakes in Mexico in September.
AFG’s catastrophe reinsurance coverage includes a $15 million per occurrence net retention for its US-based P&C operations and a separate $15 million per occurrence retention for specialist Lloyd's insurer Neon.
Subsequent to Hurricane Irma, AFG’s operating units purchased replacement reinsurance coverage for those layers of the catastrophe reinsurance program expected to be affected by Hurricanes Harvey and Irma.
AFG’s P&C operations further maintain supplemental fully collateralized reinsurance coverage up to 95 percent of $200 million for catastrophe losses in excess of $100 million of traditional catastrophe reinsurance through a catastrophe bond.
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