Arch Feels US Winter Storm Reinsurance Hit, At Up To $16B Industry Loss
Friday, April 16th, 2021 CatastropheArch Capital Group, the global insurance and reinsurance specialist underwriter, has pre-announced an expectation of suffering up to $190 million of first-quarter catastrophe losses, the majority of which seem to be from the US winter storms, on which the company pegs an up to $16 billion industry loss estimate.
Arch Capital said that it estimates impacts from the US winter storms and freezing weather, as well as some minor global events, for Q1, plus a de minimis amount for its ongoing exposure to the global COVID-19 pandemic in the current accident quarter.
The estimate for all of this comes out in a range of pretax catastrophe losses of $180 million to $190 million, across Arch’s property casualty insurance and reinsurance segments, which is net of reinsurance recoveries and reinstatement premiums.
