Horace Mann anticipating $39mn hit from Camp Wildfire

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Horace Mann Educators Corporation, an insurance and retirement solutions company for U.S educators and school employees, has estimated that it will incur losses of between $38 million and $39 million (pre-tax) from the recent Camp Wildfire in California.

The company said its estimate was net of anticipated reinsurance recoverables offset by reinsurance reinstatement premiums.

Under its catastrophe reinsurance agreements, Horace Mann retains the first $25 million of covered losses and 5% of losses from $25 million to $175 million.

The Camp Wildfire became the deadliest and most destructive wildfire in California’s history after devastating the town of Paradise on November 8, destroying a total of 18,793 structures, killing 85 people, and burning through 153,336 acres.

Recent estimates by catastrophe modellers AIR Worldwide and RMS put total insured losses for the Camp and Woolsey Fires at between $9 billion and $13 billion.

Horace Mann noted that its estimate represents approximately 25