Michigan-based Meadowbrook Insurance Group Inc. has reported preliminary claim activity resulting from Hurricanes Gustav and Ike.The claims reported from Hurricane Gustav are primarily limited to Louisiana. Currently, the company has approximately $1.4 million of known claims. Of the $1.4 million related to Gustav, approximately $1.3 million is attributable to properties insured by ProCentury Corporation and its subsidiaries.
At this time, the potential claims from Hurricane Ike are not as certain due to the broad geographic area impacted by the storm and the fact that power and telephone services have not been fully restored to these areas. The company currently has over $1.0 million of known claims, all attributable to properties insured by ProCentury Corporation and its subsidiaries. The company believes that a number of claims related to Hurricane Ike exist but have not yet been reported.
Meadowbrook purchases catastrophe reinsurance protection for aggregate claims above its retention of $750,000 and ProCentury and its subsidiaries purchase catastrophe reinsurance protection for aggregate claims above its retention of $4.0 million.
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1 comment:
Their exposure must have been small. A million dollar claim is not as much or as big as it used to be.
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