Alterra could lose more than $22m in crop damages

WEDNESDAY, OCT. 17: Crop damages has hurt a Bermuda-based reinsurer.

According to a press release catastrophic events cost Alterra Capital Holdings Limited between $10 million to $15 million

The losses were mainly in Alterra’s US insurance segment.

In addition, Alterra believes that its net underwriting loss from the US crop events that occurred in the summer of 2012 will be approximately $22.5 million, pretax and net of reinsurance and reinstatement premiums, within the previously announced range.

Earnings

The company expects to hold its earnings call on Tuesday, November 7 at noon Bermuda Time.

CEO and president Marty Becker and CFO and vice president Joe Roberts will be the speakers.

Early, other insurers published their losses for Isaac, which touched down in the Gulf Coast part of the United States twice in August.  It caused flooding along the Mississippi due to heavy rainfall and storm surge.

Allied World Assurance Company said it could lose between $5 million to $10 million. It expected to lose more from the drought conditions in the US Midwest ($40m) than from the hurricane.

Overall, disaster modeller Risk Management Solutions, said it expects industry losses to be between $1 billion to $2 billion.