Blue Capital Re warns that Q3 results will be hit by cat losses
Blue Capital Reinsurance Holdings has announced that its third quarter results would be impacted by approximately $10.2 million dollars of catastrophe losses, net of reinsurance and reinstatement premiums.
The estimated losses consist of a $6.1 million increase in estimated losses related to Hurricane Irma, which made landfall in Florida in September 2017, as well as third quarter 2018 catastrophe losses of $4.1 million, which were largely driven by the impact of Hurricane Florence and Typhoon Jebi.
The company said that its loss estimates have been derived from the utilisation of proprietary catastrophe modelling, standard industry models, an in-depth review of in-force contracts and initial indications from clients and brokers.
It added the caveat 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, with respect to the third quarter 2018 catastrophes, the limited number of reported claims received to date.