Arch Capital Group Ltd. Announces Catastrophe Loss Estimates
October 07 2019 - 4:30PM
Business Wire
- Estimated $65 to $75 million losses related to 2019 third
quarter catastrophic events.
Arch Capital Group Ltd. [NASDAQ: ACGL] today announced it
expects to report third quarter 2019 pre-tax catastrophe losses of
approximately $65 million to $75 million, net of reinsurance
recoveries and reinstatement premiums. These losses are primarily
from Hurricane Dorian and Typhoon Faxai. At this time, there are
significant uncertainties surrounding the scope of damage for these
events, as well as the other global events. The Company’s estimate
for these events 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. Actual
losses from these events may vary materially from the estimates due
to the inherent uncertainties in making such determinations. The
loss estimates exclude the operations of Watford Holdings Ltd.
(“Watford”). Pursuant to GAAP, the Company consolidates the results
of Watford in its financial statements, although it only owns
approximately 11% of Watford’s outstanding common equity.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with
approximately $12.49 billion in capital at June 30, 2019, provides
insurance, reinsurance and mortgage insurance on a worldwide basis
through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward−looking statements. This release or any
other written or oral statements made by or on behalf of Arch
Capital Group Ltd. and its subsidiaries may include forward−looking
statements, which reflect our current views with respect to future
events and financial performance. All statements other than
statements of historical fact included in or incorporated by
reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the
use of forward−looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe" or "continue" or
their negative or variations or similar terminology.
Forward−looking statements involve our current assessment of risks
and uncertainties. Actual events and results may differ materially
from those expressed or implied in these statements. A
non-exclusive list of the important factors that could cause actual
results to differ materially from those in such forward-looking
statements includes the following: adverse general economic and
market conditions; increased competition; pricing and policy term
trends; fluctuations in the actions of rating agencies and our
ability to maintain and improve our ratings; investment
performance; the loss of key personnel; the adequacy of our loss
reserves, severity and/or frequency of losses, greater than
expected loss ratios and adverse development on claim and/or claim
expense liabilities; greater frequency or severity of unpredictable
natural and man-made catastrophic events; the impact of acts of
terrorism and acts of war; changes in regulations and/or tax laws
in the United States or elsewhere; our ability to successfully
integrate, establish and maintain operating procedures as well as
integrate the businesses we have acquired or may acquire into the
existing operations; changes in accounting principles or policies;
material differences between actual and expected assessments for
guaranty funds and mandatory pooling arrangements; availability and
cost to us of reinsurance to manage our gross and net exposures;
the failure of others to meet their obligations to us; and other
factors identified in our filings with the U.S. Securities and
Exchange Commission.
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with
other cautionary statements that are included herein or elsewhere.
All subsequent written and oral forward−looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements. We
undertake no obligation to publicly update or revise any
forward−looking statement, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20191007005820/en/
Media Contact: Arch Capital Group Ltd. François Morin
(441) 278-9250
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