Bermuda’s ACE Limited announced today that an accumulation of losses resulting principally from the recent floods in Eastern Europe will impact operating income in the third quarter of 2002, by “approximately $90 million after tax, or $0.33 per share.”
The company’s statement said that “Recent increases in industry estimates of insured losses together with additional flood losses incurred in France are included in our estimates. ACE incurred losses both directly and as an excess of loss reinsurer where increases in forecasted insured losses led to penetration of several higher layers of coverage.”
The company is scheduled to formally publish its third quarter results on October 29.
Topics Profit Loss Europe Flood
Was this article valuable?
Here are more articles you may enjoy.
Business Interruption Claims Approach $1M Average, Says Allianz 
Industry Reacts to Senators’ Letter for Claims Data and Recent Reports 
All in the Family: Husband, Wife and Daughter Indicted for Insurance Fraud and Bribery 
Florida Supreme Court Approves Board Certification in Insurance Law 
