Hurricane Sandy Estimate

RNS Number : 9726T

Amlin PLC

20 December 2012

 



Amlin plc

PRESS RELEASE

For immediate release

20 December 2012

HURRICANE SANDY ESTIMATE

Amlin, the leading specialist (re)insurer, today released an estimate of its possible losses from Hurricane Sandy which made landfall in the North-East of the United States on 29th October 2012.

Sandy was one of the largest storms to ever make landfall in the United States and coincided with a high leap tide which generated significant storm surge affecting the coastal regions from New Jersey to Connecticut and causing major flooding in lower Manhattan. The resulting damage and its cause makes estimation more complex than for a typical windstorm and therefore any estimate at this stage should be viewed with caution.

Amlin estimates its losses from Sandy, net of estimated reinsurance recoveries and inward reinstatement premiums, at £145 million.  Approximately 80% of this is derived from reinsurance classes where the upper end of all known cedents' estimates of their recoveries under catastrophe reinsurance treaties has been assumed.

Prior to Hurricane Sandy, 2012 had experienced a low level of major catastrophe losses and the reinsurance books in both London and Bermuda (with 2012 anticipated net written premium of approximately £540 million, excluding internal reinsurance arrangements) are still expected to return healthy profits after estimated losses from Sandy are taken into account.

Charles Philipps commented: "We have been actively working with both brokers and clients to advance funds to provide necessary support to clients and to reinforce our reputation of paying claims promptly. Senior claims staff have already visited the territory to further develop our loss response efforts. While Sandy is a major loss for Amlin, we expect to be only modestly above our catastrophe budget for the year."

Enquiries:
Enquiries:
Charles Philipps, Chief Executive, Amlin plc	0207 746 1000
Richard Hextall, Finance Director, Amlin plc	0207 746 1000
Analysts and Investors
Julianne Jessup, Head of Investor Relations, Amlin plc	0207 746 1961
Ed Berry, Vice-President, FTI Consulting	0207 269 7297
Media
Hannah Bale, Head of Communications, Amlin plc	0207 746 1118
John Waples, FTI Consulting	0207 269 7292

 

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