Arch Capital Group Ltd. disclosed pre-tax catastrophe losses of between $65 million and $75 million for the 2019 third quarter.
Damages caused by Hurricane Dorian and Typhoon Faxai are largely to blame, the insurer said. At the same time, Arch warned that these events as well as other global catastrophes still have “significant uncertainties” regarding the full range of damage.
Hurricane Dorian struck in mid-September, causing major damage to the Bahamas, though the storm largely missed Bermuda and did not cause major damage in the coastal U.S.
Typhoon Faxai, which struck in early September, created havoc in Japan with typhoon winds and coastal flooding.
Arch’s catastrophe loss estimate is based on currently available information derived from modeling techniques, industry assessment of exposure, preliminary claims information obtained from the Company’s clients and brokers to date and a review of in-force contracts.
Source: Arch Capital Group