Beazley estimates $150m hit from Atlantic hurricanes, Mexico earthquakes

Insurer Beazley said early estimates of the net cost of Atlantic hurricanes Harvey, Irma and Maria and earthquakes in Mexico was $175m - $275m (£130m - £205m) and would cut 2017 earnings by about $150m.

“Currently there is significant uncertainty surrounding the cost of these events,” the company said, adding that it would include a further update in its third quarter trading statement on November 9.

It said it was holding “substantial” catastrophe margins.

The trading statement will also include guidance on the full year combined ratio, Beazley said.