Liberty Mutual estimates combined Helene and Milton losses of up to $900m

The parent of the Liberty Mutual Insurance group of entities, Liberty Mutual Holding Company, Inc., has revealed that it expects losses related to hurricane Helene of approximately $550 million (pre-tax) in its third quarter results, and losses of between $250 million and $350 million for hurricane Milton, which are still developing and will be reflected in the final quarter of the year.

The estimates for both storms are based on both actual claims reported as well as modelled results based on total industry estimates, but are subject to change given the recent nature of hurricanes Helene and Milton.

“Our sympathies are with those in the areas affected by Hurricane Helene and Hurricane Milton, given the tragic loss of life and destruction of property caused by these catastrophes,” says the firm.

As well as these catastrophe loss estimates, Liberty Mutual has announced some preliminary estimated information for the third quarter and first nine months of 2024, in support of a potential capital markets transaction. The losses related to Helene are reflected in the estimated Q3’24 information.

This includes net written premium of around $12 billion for the quarter and $34 billion for 9M 2024, and a combined ratio of 97% for both periods.

Additionally, the re/insurer has generated net income of $900 million for the third quarter and $3 billion for 9M 2024, and total equity and equity excluding accumulated other comprehensive income as of September 30th, 2024, of approximately $30 billion and $33 billion, respectively.

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