ACE, Arch Give Charley Loss Estimates

August 23, 2004

Two other Bermuda-based insurers also issued brief statements giving loss estimates from Hurricane Charley.

The island's largest insurer, Ace Limited, said that "its preliminary estimates indicate that total net losses for the entire ACE Group of Companies resulting from the impact of Hurricane Charley, the category 4 hurricane that hit Florida on August 13th, will be approximately $100 million pre-tax, which is in line with previously stated guidance for annual catastrophe-related losses."

Arch Capital Group said Friday it expects losses of $24 million to $44 million from Hurricane Charley." The company said it "based its third-quarter figure on an industry-wide estimate of $6 billion to $9 billion storm-related losses."