SiriusPoint doubles loss estimate from European floods

10-09-2021

SiriusPoint doubles loss estimate from European floods

shutterstock/M. Volk

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.”

SiriusPoint, European Floods, Losses, Insurance, Reinsurance, David Junius, Bermuda, Europe

Bermuda Re