Bermuda’s XL Capital Ltd. announced that, based on initial loss reports and preliminary estimates, it expects to receive net claims of approximately $125 million as a result of Hurricane Charley.
“The majority of XL’s claims from the hurricane are expected to come from its Bermuda-based reinsurance unit,” said the announcement. “The financial impact of the hurricane related claims will adversely affect XL’s 3rd quarter results but will not materially affect the Company’s overall financial condition,” it added.
Was this article valuable?
Here are more articles you may enjoy.
Buffett’s Berkshire Cash Hits $382 Billion, Earnings Soar 
Security First the Latest in Florida to Announce Home Insurance Rate Cut 
Progressive Now 4th Largest Global Insurer; RenRe Fastest Growing in ’24 
Starr Acquiring IQUW; Starr Managing Agency to Be Among 10 Largest at Lloyd’s 
