Bermuda-based insurance agency Hiscox Ltd. (HCXLF) said it expects $150 million in damages as a result of Hurricane Harvey's devastating tear through Texas and the Gulf Coast, according to the Financial Times.

Hiscox, which is the underwriter for Lloyd's of London, was primarily exposed to Harvey damage through its reinsurance business. Primary insurance lines were also exposed through flood insurance for homeowners and businesses in the area.

Some analysts have said Hiscox could face deeper losses as a result of Hurricane Irma than Harvey, according to Reuters. The company said it will detail Irma-related losses as they become clearer in coming weeks. Hiscox's London-listed shares dipped as much as 4% in earlier trading Monday on the report before paring losses to trade down about 1%.

"Insurance exists to help individuals and companies recover from the devastation caused by events like this, and our priority is to pay claims quickly so that they can do that," Hiscox CEO Bronek Masojada said.

The broader insurance industry is set to face $25 billion in total claims from the storm and associated record-setting flooding. Insurers are expected to detail losses more vividly in the coming weeks.

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