Arch Capital Group Ltd. Announces Preliminary Loss Estimate from Storm Sandy
19 Décembre 2012 - 10:17PM
Business Wire
Arch Capital Group Ltd. [NASDAQ: ACGL] today announced that its
preliminary estimate of losses relating to Storm Sandy ranges
between $170 million and $240 million, net of reinsurance and the
effects of reinstatement premiums. This preliminary loss estimate
is based on projected industry insured losses ranging from $20
billion to $25 billion. The losses from the storm are currently
estimated to arise approximately 40% in our insurance operations
and 60% in our reinsurance operations.
Due to the unusual nature of the storm, including its broad
scope, the number of insureds affected, the complexity of issues
contributing to the losses and the preliminary nature of available
information, there is substantial uncertainty regarding total
covered losses for the insurance industry and the assumptions
underlying the Company’s estimates relating to the event. The
Company’s preliminary estimates for the storm are based on
currently available information derived from modeling techniques,
industry assessments of exposure, preliminary claims information
obtained from the Company’s clients and brokers to date and a
review of in-force contracts. The Company’s actual losses from this
event may vary materially from the estimates due to the inherent
uncertainties in making such determinations resulting from several
factors, including the preliminary nature of available information,
the potential inaccuracies and inadequacies in the data provided by
clients and brokers, the modeling techniques and the application of
such techniques, the contingent nature of business interruption
exposures, the effects of any resultant demand surge on claims
activity and attendant coverage issues. In addition, actual losses
may increase if the Company’s reinsurers fail to meet their
obligations to the Company or the reinsurance protections purchased
by the Company are exhausted or are otherwise unavailable.
Arch Capital Group Ltd., a Bermuda-based company with
approximately $5.75 billion in capital at September 30, 2012,
provides insurance and reinsurance on a worldwide basis through its
wholly owned subsidiaries.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward−looking statements. This release or any
other written or oral statements made by or on behalf of Arch
Capital Group Ltd. and its subsidiaries may include forward−looking
statements, which reflect our current views with respect to future
events and financial performance. All statements other than
statements of historical fact included in or incorporated by
reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the
use of forward−looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe" or "continue" or
their negative or variations or similar terminology.
Forward−looking statements involve our current assessment of risks
and uncertainties. Actual events and results may differ materially
from those expressed or implied in these statements. A
non-exclusive list of the important factors that could cause actual
results to differ materially from those in such forward-looking
statements includes the following: adverse general economic and
market conditions; increased competition; pricing and policy term
trends; fluctuations in the actions of rating agencies and our
ability to maintain and improve our ratings; investment
performance; the loss of key personnel; the adequacy of our loss
reserves, severity and/or frequency of losses, greater than
expected loss ratios and adverse development on claim and/or claim
expense liabilities; greater frequency or severity of unpredictable
natural and man-made catastrophic events; the impact of acts
of terrorism and acts of war; changes in regulations and/or tax
laws in the United States or elsewhere; our ability to successfully
integrate, establish and maintain operating procedures as well as
integrate the businesses we have acquired or may acquire into the
existing operations; changes in accounting principles or policies;
material differences between actual and expected assessments for
guaranty funds and mandatory pooling arrangements; availability and
cost to us of reinsurance to manage our gross and net exposures;
the failure of others to meet their obligations to us; and other
factors identified in our filings with the U.S. Securities and
Exchange Commission.
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with
other cautionary statements that are included herein or elsewhere.
All subsequent written and oral forward−looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements. We
undertake no obligation to publicly update or revise any
forward−looking statement, whether as a result of new information,
future events or otherwise.
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