Blue Capital Updates the Impact of Natural Catastrophes on Fourth Quarter Results and Will Release Its Fourth Quarter 2018 Re...
16 Gennaio 2019 - 10:30PM
Blue Capital Reinsurance Holdings Ltd. (NYSE:BCRH); ("Blue
Capital") today announced an update regarding fourth quarter
results, which are expected to be impacted by catastrophe losses
currently estimated at $30.0 million dollars in the aggregate, net
of reinsurance and reinstatement premiums. The increase from
the loss estimate published on December 11, 2018 was driven by
increased client specific and industry wide loss reports received
after the prior announcement, which primarily related to Typhoon
Jebi and the California wildfires (which occurred in the third and
fourth quarters of 2018) and Hurricane Irma (which made landfall in
the third quarter of 2017). Based on our updated
estimates for these events, the year-end 2018 fully converted book
value per common share is expected to be between $10.00 and $10.50.
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 number of reported claims received to
date.
Blue Capital expects to release its fourth quarter 2018 results
after the market close on January 30, 2019.
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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