Blue Capital Announces Preliminary Third Quarter Catastrophe Losses
October 18 2017 - 4:30PM
Blue Capital Reinsurance Holdings Ltd. (NYSE:BCRH); ("Blue
Capital") today announced preliminary third quarter catastrophe
losses of $57.5 million dollars, net of reinsurance and
reinstatement premiums and expects September 30, 2017 book value
per share to be approximately $14.48. The estimated losses
reflect the impact of three major hurricanes which made landfall
and two earthquakes in Mexico. On August 25, 2017,
Hurricane Harvey made landfall near Corpus Christi, Texas, on
September 10, 2017, Hurricane Irma made initial U.S. landfall near
the Florida Keys, Florida, and on September 20, 2017, Hurricane
Maria made landfall in Puerto Rico. Additionally, the
Southern Coast of Mexico was impacted by an earthquake on September
8, 2017 while Central Mexico was impacted by an earthquake on
September 19, 2017.
The estimates for the Company’s incurred losses in 2017, net of
reinsurance and reinstatement premiums, have driven the Company’s
year-to-date change in book value including dividends paid to be
(23.6%). The Company’s loss estimates have been derived from
the utilization of proprietary catastrophe modeling, standard
industry models, an in-depth review of in-force contracts and
initial indications from clients and brokers. The Company’s actual
losses may ultimately differ materially from estimated losses due
to the nature of the risks assumed, the complexity of the
assessment of damages and the limited number of reported claims
received to date.
About Blue Capital
Blue Capital Reinsurance Holdings Ltd., through its operating
subsidiaries, offers collateralized reinsurance in the property
catastrophe market, leveraging underwriting expertise and
infrastructure from established resources. Underwriting decisions,
operations and other management services are provided to Blue
Capital by Blue Capital Management Ltd., a subsidiary of Sompo
International Holdings Ltd. (a wholly owned subsidiary of Sompo
Holdings, Inc.), a recognized global specialty provider of property
and casualty insurance and reinsurance and a leading property
catastrophe and short tail reinsurer since 2001.
ContactInvestor RelationsPhone: +1 441 278 0988Email:
investorrelations@Sompo-intl.com
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