Everest Re Guides Insurers Announcing $745 Million Sandy Losses
Everest Re Group Ltd. (RE) led insurers that launched a lot more than $700 million in expected losses now from superstorm Sandy,
which lashed the U.S. Eastern Coast and flooded portions of New York and New Jersey.
Everest Re’s losses from the storm can be $220 million after fees, the Bermuda-based insurance replied now in a statement. Aspen
Insurance Holdings Ltd. (AHL), additionally based in Bermuda, replied losses from Sandy can be $175 million by the same measure.
Sandy battered the U.S. Northeast, flooding homes and shuttering businesses, after creating landfall in New Jersey in October.
It would likely run the insurance coverage business because much because $25 billion, catastrophe modeler Risk Management
Solutions Inc. has said. American International Group Inc. (AIG), the insurer that repaid a U.S. bailout, replied Sandy will run
about $1.3 billion after fees, the highest sum disclosed by a U.S. insurance.
“Hurricane Sandy passed with devastating effects,” analysts at JPMorgan Chase & Co. such as Arun Kumar wrote in a Dec. 4
research note. “The devastation had been wider and the measure of the protected losses is actually expected to become maximum.”
RenaissanceRe Holdings Ltd. (RNR) replied Sandy losses may minimize fourth-quarter pay by about $130 million. Allied World
Assurance Co. Holdings AG replied Sandy losses are about $165 million before taxes. At Argo Group International Holdings Ltd.
(AGII), Sandy may are priced at $45 million to $55 million.