Impact from Baltimore bridge collapse to be manageable for reinsurers, TD Cowen says

Arch Capital

28/03/2024 08:11

** TD Cowen says collapse of Baltimore's Francis Scott Key
Bridge is "sizable" loss event for property and casualty
reinsurance sector
    ** Brokerage estimates reinsurance companies likely to see
insured loss between $1.5 bln-$3 bln, highest ever in marine
market
    ** Brokerage expects bulk of these losses to be borne by
marine insurance providers/global reinsurers, though
company-level impacts should be manageable
    ** Total loss for companies such as Arch Capital Group
 ACGL.O , Chubb  CB.N  to be manageable - TD Cowen
    ** TD Cowen notes RenaissanceRe Holdings  RNR.N  has
"reasonably large" marine reinsurance book and anticipates
"material, but manageable" loss from the bridge collapse
    ** For Everest Group  EG.N , brokerage expects some losses
in marine segment

 (Priyadarshini Basu in Bengaluru)
 ((priyadarshini.basu@thomsonreuters.com))