Markel Expects Losses From Hurricanes, Mexico Quakes
Henrico County-based specialty insurance company Markel Corp. said Wednesday that it expects a large underwriting loss because of hurricanes Harvey, Irma and Maria, and the Mexico earthquakes.
The company, which has niche products including casualty and property reinsurance, said it expects to report pretax underwriting losses of $503 million, net of reinstatement premiums, in its third quarter results scheduled to be reported on Oct. 25.
The actual losses might be different. The company said its estimates are "preliminary and dependent on broad assumptions about coverage, liability and reinsurance."
"These significant losses fell within our expectations," Richard R. Whitt III, the company's co-CEO, said in a statement. "At Markel we are well-positioned with our strong balance sheet to respond to the claims of our insureds," he said. "With both underwriting capacity and risk appetite, we are prepared to further assist our customers and trading partners in meeting their ongoing insurance and reinsurance needs."
Markel reported total assets of about $27.2 billion as of June 30.
Another large insurer, New York-based American International Group, or AIG, said this week it expects pre-tax catastrophe losses between $2.9 billion and $3.1 billion during the third quarter because of damages from the hurricanes and Mexico earthquakes.
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