Hurricane Sandy to cost Lloyd's of London's largest syndicate $200m The Bermuda-based insurer, which operates the biggest insurance syndicate at Lloyd's of London, said it would absorb about $200m in claims from the hurricane, but warned the amount could change because the size of the storm made it hard to assess its impact accurately. "This estimate is subject to a considerable degree of uncertainty due to the size of the storm system, and the wide variety of damage it caused," Catlin said. Sandy, which ripped through the north-eastern United States at the end of October, is expected to cost insurers up to $25bn (£15.4bn), making it the second-costliest storm after Hurricane Katrina in 2005. Fellow Bermuda-based insurer Hiscox, also confirmed today that it estimates claims of roughly $90m will be made, inline with its previous estimate. Rival Lloyd's insurer Novae also released its estimated costs today, predicting it will absorb a loss of up to $30m.