ZURICH, Oct 3 (Reuters) - Zurich Insurance Group said on Tuesday that Farmers Re faced a hit of no more than $20 million in the second half from catastrophes such as Hurricanes Irma and Harvey.
“Zurich is only indirectly exposed to Farmers underwriting results through the quota share treaty with Farmers Re. The 8 percent quota share to Farmers Re includes a cap on overall losses from catastrophes of around $100 million on a 12-month basis,” it said in a statement after Farmers Group detailed potential losses from the hurricanes.
“As a result of the losses incurred over the first half of the year the maximum potential loss to Farmers Re from catastrophes over the second half of the year is in the $10-20 million range,” it added. (Reporting by Michael Shields)