Zurich Insurance Group (ZFDVY.PK) Monday said it currently anticipates claims net of reinsurance of about $700 million, relating to hurricane Sandy which made a landfall in the U.S. on October 29.
The claims include $40 million related to Farmers Re in connection with the reinsurance cover provided to the Farmers Exchanges. Farmers Exchanges are managed by Farmers Group, Inc., a wholly-owned subsidiary of Zurich.
The company is also estimating additional reinstatement premiums due on reinsurance covers of $58 million.
"Zurich's strong balance sheet, healthy cash flows and risk expertise enable us to be there for our customers when they need us and to deliver on our promise," said CEO Martin Senn.
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