Informa Insurance News 24
VALIDUS, ENDURANCE, AMERICAN SAFETY ISSUE SANDY LOSS ESTIMATES
Bermudian re/insurers Validus Holdings, Endurance Specialty Holdings and American Safety Insurance Holdings have each issued preliminary estimates of losses in connection with superstorm Sandy, which slammed into the northeast US in late October. Validus said that it will post a net negative financial impact of around $333.1m from the storm, with its reinsurance segment accounting for $256.2m of the losses and its Talbot insurance segment accounting for $76.9m. Endurance expects pre-tax losses from Sandy of around $160m, with $125m attributed to its reinsurance segment and the balance tied to its insurance operations. American Safety said that its after-tax loss from Sandy will be between $6 and $7m, with its excess & surplus, ART and assumed reinsurance operations all sharing the loss. Estimates from all three companies are net of reinsurance and/or retrocessional recoveries and reinstatement premiums.