A number of you have asked about the impact of Hurricane Irene on AEGIS members. We surveyed the membership last week and confirmed that 18 member companies have sustained property losses to T&D systems, plants and other equipment. We have received one liability notice involving contact with downed power lines but, to date, there have been no other incidents reported.
As most of you know, our property facility in New Jersey focuses primarily on electric generation and gas utility facilities and does not normally insure T&D. Based on the information we have now, we believe the insured losses, including flood, will fall within the range of possibilities we’ve envisioned for hurricanes of this magnitude. AEGIS London has some exposure to Hurricane Irene through their varied subscription writings but those losses appear to be manageable as well.
All of these losses are expected to fall within the parameters contemplated by our reinsurance programs and their retentions for both facilities. We will continue to work with members to analyze the losses and provide you with the appropriate updates.