NA nat cat events to cost SCOR €430m

SCOR said on Oct. 9 that Hurricanes Harvey, Irma and Maria, as well as the Mexico earthquakes, will cost the company €430 million net of retrocession and tax for the third quarter of 2017.

The estimate is based on the expectation that the total private insured market loss for the combined North American nat cat events should reach $95 billion.

The French reinsurer noted that at this stage the group's solvency position remains strong and in the upper half of the optimal solvency range, the dividend policy remains unchanged and the share buyback program is maintained. SCOR does not expect its financial ratings to be affected. Moreover, the likelihood of the contingent capital facility being triggered in 2017 is extremely remote, according to the press release.