Blue Capital Reinsurance Holdings has announced that its fourth quarter results would be impacted by an estimated $17.0 million in catastrophe losses.
The losses include costs related to Hurricane Michael, which made landfall in Florida in October 2018, as well as the 2018 California wildfires. The estimated losses are net of reinsurance and reinstatement premiums.
The company said that its loss estimates have been derived from the utilisation of proprietary catastrophe modeling, standard industry models, an in-depth review of in-force contracts and initial indications from clients and brokers.
It added that its actual losses may ultimately differ materially from estimated losses due to the nature of the risks assumed, the complexity of the assessment of damages and the limited number of reported claims received to date.
Blue Capital Re, Q4 results, losses, hurricanes