Blue Capital estimates Q2 cat losses

Bermuda-based Blue Capital Reinsurance Holdings has estimated its second quarter losses from a number of events including the Fort McMurray wildfires in Canada.

The company said its initial estimate of the net negative financial impact in the second quarter is $5.1 million. Its estimated net loss and loss adjustment expenses is $5.8 million less reinstatement premiums of $0.7 million.

The other catastrophe events included in these losses include the convective storms in Texas and Europe and the Kumamoto earthquake in Japan.

Blue Capital said its estimate is derived from a combination of its proprietary catastrophe modelling, standard industry models, a review of in-force contracts and preliminary indications from clients and brokers.