Fairfax Puts Charley Losses at $40 Million

August 24, 2004

Canada’s Fairfax Financial Holdings Limited announced that its initial estimate of aggregate potential net losses relating to Hurricane Charley will be “in the range of US $35 million to US $40 million after tax and minority interests.”

Canada’s Fairfax Financial Holdings Limited announced that its initial estimate of aggregate potential net losses relating to Hurricane Charley will be “in the range of US $35 million to US $40 million after tax and minority interests.”

Fairfax said the “initial estimate is based on a preliminary review and consultation with our insurance and reinsurance companies, including OdysseyRe, Crum & Forster and Northbridge.” It cautioned: “At this early stage it is not possible to make a calculation of its financial exposure to claims relating to Hurricane Charley with a high degree of certainty.”

In a separate bulletin Odyssey Re Holdings Corp. Said its initial estimate of losses from Charley is expected to be approximately $20 million on a net after-tax basis, based on its “internal catastrophe models, consultation with client companies and current industry insured loss estimates.”

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