SiriusPoint doubles loss estimate from European floods
Net losses from July’s European floods for SiriusPoint could be more than double its original loss estimate of $30 million, the Bermuda-based specialty re/insurer said yesterday. It now estimates the event could cost $40-70m, contributing to losses, net of reinsurance and reinstatement premiums, of between approximately $70m and $100m on the company’s third quarter results.
The revision follows rising industry estimates of the damage from the floods in the North Rhine-Westphalia, Rhineland-Palatinate, Bavaria and Saxony regions of Germany, as well as Belgium, France, Luxembourg and the Netherlands in mid-July.
David Junius, SiriusPoint chief financial officer, said: “We have been actively monitoring the impact of the devastating European floods in July and have revised our initial loss estimate to be between $70 and $100 million following the significant increase in industry expectations to approximately €10 billion.
“We are also evaluating our exposure to Hurricane Ida and will disclose SiriusPoint’s net loss estimates no later than the release of our third-quarter earnings. Our thoughts are with our European and North American colleagues and clients as they navigate the aftermath of these events.”
