Validus issues hurricane loss breakdown

Validus has released an initial estimate of its losses from the natural catastrophes that took place over the third quarter of 2017.

The Bermuda-based company said that its total net losses for the period came to $378.9 million. This was comprised of $146.4 million in losses from Hurricane Harvey, $163.2 million from Hurricane Irma, $57.7 million from Hurricane Maria and $11.6 million from the earthquake that hit Mexico City.

Broken down by segment, the net loss attributable to was: Validus Re $223.3 million; Talbot $100 million; Western World $19.9 million; and AlphaCat $35.7 million.

The company said that industry losses from these loss events, excluding losses to the National Flood Insurance Program, were approximately $20 - $30 billion from Hurricane Harvey, $25 - $40 billion from Hurricane Irma, $25 - $45 billion from Hurricane Maria and $2 - $4 billion from the Mexico City Earthquake. These estimates of industry losses are preliminary and subject to change.

“The devastation caused by these disasters has inflicted significant suffering and loss to tens of millions of people, and our first thoughts are for those whose lives have been disrupted,” said Ed Noonan, chairman and CEO. “A key part of what we do is to help people recover from the financial impact of catastrophes. We will pay significant amounts in this regard, and it is a moment in which I am proud of the role that our company and our industry performs for communities all over the world.

“Validus is a strong company, and we are very prudent in our risk management. As we look to the rest of the year we continue to be well positioned with significant retrocessional and reinsurance protection in place. While these events will affect each of our businesses, our financial position allows us to sustain these events with no disruption.”