Lancashire expects up to $212m in nat cat losses
Lancashire Holdings said on Oct. 9 that it expects aggregate losses from recent nat cat events in a range of $106 million to $212 million after anticipated recoveries from its outwards reinsurance programme and the impact of outwards and inwards reinstatement premiums.
This estimate includes the impact from Hurricanes Harvey, Irma and Maria and two earthquake loss events in Mexico from the company’s exposures through its Bermuda, UK and Lloyd’s operations and in respect of its participation within the Kinesis third-party capital facility.
Lancashire has exposure to hurricane risk impacting the US and the Caribbean in property retrocession, property direct and facultative, property reinsurance, cargo, marine and energy.
Lancashire CEO Alex Maloney said: “As we assess the financial impact of these losses for Lancashire, these events illustrate the value of our products to our clients. Lancashire’s combination of a strong balance sheet and market leading professional expertise allows us to service the current and future needs of our clients and their brokers and to meet the long-term expectations of our investors and broader stakeholders.”
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