Arch Capital Group said claims from Hurricane Ida and flooding in Europe have driven its Q3 catastrophe losses to between $330m and $345m.
Arch said the bulk of the loss, at about two thirds, will be booked to its reinsurance business, with the remainder falling to its P&C insurance account. Uncertainty around the losses will continue, Arch said, and could affect final losses for the third quarter.
The company said its Q3 loss estimates are in line with insured losses across the global insurance industry, which is braced for cat losses in excess of $45bn for the third quarter, driven by Hurricane Ida at $30bn and European floods at $12bn. Other global events are expected to cost the insurance industry $5bn for Q3 2021.
Arch also announced that its board of directors has increased its share repurchase programme to an aggregate of up to $1.5bn, which can be actioned up to 31 December 2022.