March 16th, 2009

Ike Update: Revised Shareholders’ Funds Impact

Posted at 10:30 AM ET

David Flandro, Senior Vice President
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Changes to net loss estimates for Hurricanes Ike and Gustav continue to be announced. Last week, Liberty Mutual, Amlin, and Omega issued updates. Liberty Mutual’s increase is 25 percent relative to initial estimates, with Amlin’s up 6 percent and Omega’s up 21 percent. Munich Re reported the largest revision of the week, an upward change of 44 percent.

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 Liberty Mutual has announced increased loss estimates related to Hurricanes Ike and Gustav by USD174 million. This is an increase of 25 percent from the previous estimate of USD871 million.

Amlin increased its net loss estimates for Hurricanes Ike and Gustav by 6 percent (USD17 million) to USD302 million (GBP204 million).The combined cost is split between the Syndicate (USD140.3 million) and Bermuda (USD162 million).

Omega increased its Hurricane Ike and Gustav net loss estimates by 21 percent (USD7.3 million) to USD41.3 million - USD8.3 million of which related to offshore losses. Bermuda reinsurance third-party business accounts for USD7.4 million. Omega U.S. has USD1 million of the total loss, with the remainder going to the Syndicate

Munich Re’s Hurricane Ike and Gustav net loss estimate grew 44 percent (USD240 million/EUR170 million) to USD789 million (EUR560 million). The net loss estimate for Hurricane Ike increased by EUR185 million to EUR485 million, with that for Hurricane Gustav growing by EUR15 million to EUR90 million.

Read the previous Hurricane Ike update >>

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Additional Contributor:

  • Marie-Emilie Teissier, Global Business Intelligence
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