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Beazley estimates catastrophe costs of up to $275m

29 September 2017 07:23

Beazley said its early estimate of the aggregate net cost of the recent Atlantic hurricanes Harvey, Irma and Maria and the series of earthquakes in Mexico was US$175m to US$275m.

The company said it was holding substantial catastrophe margins and estimated that at the midpoint these losses would reduce 2017 earnings by approximately US$150m.

It said: 'Currently there is significant uncertainty surrounding the cost of these events.

'A further update will be included in the Q3 trading statement on 9 Nov, at which time the company should have much more information.'

It said the trading statement would also include guidance on the full year combined ratio.

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