The initial estimate covers storms in France, Germany, Switzerland and Italy, AM Best reported on October 19.
Perils AG estimates insured losses of €3.30 billion ($3.7 billion) from severe convective storms that hit France, Germany, Switzerland and Italy in August.
AM Best reported the figure on October 19, and the available text gives only the four-country aggregate alongside the euro and dollar amounts. It does not break the loss down by country or peril or say whether Perils will revise the estimate.
Reported by the Cat bonds & reinsurance desk from AM Best News. Published . Corrections
The managing general underwriter has not disclosed capacity providers, property lines or premium targets.
Balance-sheet strength is assessed as very strong, with three-quarters of assets in a parent promissory note.
The agency assesses balance sheet strength as very strong at a captive holding roughly three-quarters of its assets in a parent promissory note.
Preliminary third-quarter profit of about €1.7 billion beat the €1.479 billion consensus; the reinsurer cut written volume 9.1% at the July renewals.
Nine-month insured losses of about $92bn were 29% below the 2016–2025 average, and dedicated reinsurance capital reached a record $688bn into January renewals.
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