Infinity Property sees $10M-$15M in losses in connection with Hurricane Harvey
Infinity Property and Casualty Corporation announced estimated catastrophe losses related to Hurricane Harvey. Hurricane Harvey made landfall in Texas on Friday, August 25, 2017, as a Category 4 hurricane. The storm produced unprecedented rainfall and significant flooding. Infinity writes private passenger and commercial automobile insurance policies in Texas. Claims handling is on-going and, through September 5, the company has received 2,506 reported claims. Based on current information available, the company anticipates that it will exceed the retention on our catastrophe reinsurance program and have total losses of approximately $10M to $15M before-tax and $6.5M to $9.8M after-tax, net of reinsurance recoveries and including reinstatement premium, for all product lines in connection with this historic event. "For 2017, our catastrophe reinsurance protection is $95M in excess of $5M per event," the company said. "The first $10M of coverage is reinsured at 50% with the remaining layers at 100%. Each layer has one reinstatement. All reinsurers on the program are rated "A" or better by A. M. Best."