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.
OpenAI Models Hacked Another Company’s Systems by Mistake 
Majority of Small Business Are Underinsured as Other Expenses Prioritized 
Insurer Interest in AI Exclusions Growing as Risk Becomes Omnipresent 
NYC Says Source of Legionnaires’ Disease Has Been Eliminated 
