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Arch Capital Group expects catastrophe losses to hit £120m

The insurer revealed its Q4 results will be negatively impacted by a set of catastrophe events that occurred during the period, including Hurricanes Delta and Zeta and other global events

Arch Capital Group has estimated it will face pre-tax net catastrophe losses between $155m (£113m) to $165m (£120m) across the property casualty insurance and reinsurance segments for its fourth quarter of 2020.

The insurer revealed its Q4 results will be negatively impacted by a set of catastrophe events that occurred during the period, including Hurricanes Delta and Zeta and other global events.

Included in the range of estimates is an update on the company’s ongoing exposure to Covid-19 global pandemic claims, which are “essentially unchanged” from the estimate previously disclosed results for the nine months ended 30 September 2020.

The group’s estimates across its insurance and reinsurance segments are based on available information derived from modeling techniques, including preliminary claims information obtained from the company’s clients and brokers, as well as a review of relevant in-force contracts and estimates of reinsurance recoverables.

The group is a Bermuda-based company with approximately $15.2bn (£11.1bn) in capital as of September 2020, and provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.

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