Lancashire estimates wildfire losses at up to $165m
Lancashire Holdings expects it net ultimate losses from the California wildfires to be up to $165 million.
The Bermuda-based re/insurer said the losses, in a range of $145 million to $165 million, fall within the company’s modelled loss ranges for this type of catastrophe event.
“Our thoughts are with all those affected by the recent wildfires which wrought such devastation in California,” said Alex Maloney (pictured), group chief executive officer. Events like this show the value of (re)insurance products in both offering protection and in supporting people as they rebuild their lives.
“Given our strong earnings performance and capital generation in 2024, Lancashire remains extremely well capitalised to achieve its strategic ambitions.
“In addition, the aggregate reinsurance cover the Company has in place to protect against the frequency of large catastrophe events should allow Lancashire to deliver an attractive return for shareholders in 2025.”
The company noted that the estimate is undiscounted, after anticipated recoveries from Lancashire’s outwards reinsurance programme and the impact of outwards and inwards reinstatement premiums.
Maloney said the company will give a further update on the fires when it releases its full year 2024 earnings on March 6.
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