Harvey to be absorbed by European cat budgets: Bernstein

The impact of Hurricane Harvey on European carriers will be
swallowed up by existing natural catastrophe fund allocations,
according to Bernstein analyst Thomas Seidl.
The analyst predicts Harvey will cause losses of between $180mn
and $340mn for Munich Re and Swiss - within the companies'
third quarter catastrophe budgets. Munich Re has set aside $440mn
to pay for cats in Q3, while Swiss Re has banked $500mn.
Seidl's current insured loss estimate for the storm comes in
at the lower...