W.R. Berkley Estimates $40-$50 Million Net Loss From Sandy

W.R. Berkley Corp. announced it expects catastrophe losses attributable to Superstorm Sandy will be between $40 million and $50 million, before tax.

The Greenwich, Conn.-based insurer said Thursday its loss estimate gives consideration to all currently available reinsurance and is inclusive of reinstatement premiums.

W.R. Berkley Corp. is an insurance holding company that is among the largest commercial lines writers in the United States and operates in five segments of the property casualty insurance business: specialty insurance, regional property casualty insurance, alternative markets, reinsurance and international.

A number of insurers have announced their initial Sandy-related loss estimates in past several days. The Chubb Corporation said it estimates Sandy-related losses to be around $570 million after tax. The Hanover Insurance Group estimates the net after-tax earnings impact of the storm to be in the $120-to-$140 million range.

Additionally, The Hartford Financial Services Group said it expects pretax losses of $370 million from Sandy. American International Group said its preliminary estimate of after-tax Sandy-losses, net of reinsurance, is approximately $1.3 billion. New Jersey Manufacturers Insurance Company said its Sandy-related payouts could exceed $300 million.