Great-West Lifeco announces $175 million reinsurance loss from hurricane claimsBy The IJ Staff | October 27 2017 09:45AM
Great-West Lifeco Inc. announced Oct. 26 that it will record a reinsurance loss of $175 million after-tax, or $0.177 per common share, for estimated claims resulting from Hurricanes Harvey, Irma and Maria.
Lifeco, via its subsidiary London Reinsurance Group Inc., offers property catastrophe coverage to reinsurance companies.
The loss estimate will be included in the company's Q3 2017 results to be reported Nov. 2. This estimate is based on currently available information and is subject to change as more information becomes available, says Lifeco.
Recovery and rebuilding
"The devastation of these hurricanes was enormous and our thoughts are with the families and communities impacted by these catastrophic events," said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco. "The insurance industry has a vital role to play in financing the recovery and rebuilding activities that are now underway and Great-West Lifeco will continue to support our clients and partners in managing through this difficult situation."