Bermuda’s IPC Holdings, Ltd. said that, based upon a preliminary analysis of initial information available, it expects third quarter, 2004 earnings to be negatively impacted by Hurricane Charley in the range of $35 to $45 million.
The Company noted that it “had received only a small number of actual loss advices from clients since the event. Accordingly, the estimated range was based on industry loss estimates, output from both industry and proprietary models and a review of contracts potentially affected by the event. The ultimate impact of losses from the hurricane on the Company’s results of operations might therefore differ substantially from the estimate.”
Topics Profit Loss
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