The St. Paul Travelers Cos. announced that it estimates losses from Hurricane Ivan to be about $94 million, after tax and reinsurance.
The St. Paul, Minn., insurer said about $49 million of its losses came on its commercial book, while its specialty business accounted for $26 million and its personal lines book totaled $19 million.
These estimated losses are expected to reduce the company’s diluted earnings per share for the third quarter of 2004 by approximately 14 cents. Including the previously announced loss estimates from Hurricanes Charley and Frances, the combined losses from all three hurricanes are expected to reduce the company’s diluted earnings per share for the third quarter of 2004 by a total of about 45 cents. Estimated losses from Hurricane Jeanne are currently not available.
St. Paul Travelers expects to release complete third-quarter 2004 earnings after the market closes on Wednesday, Oct. 27, 2004.
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