Bermuda-based AXIS Capital Holdings Limited estimated that the net after-tax impact relating to its exposure to Hurricane Charley would be between $60 and $80 million.
President and CEO John Charman commented: “Our estimate is based upon the output of industry models, a review of in-force contracts and preliminary indications from clients and brokers.”
He added: “Our estimate stems from both our direct insurance business and our reinsurance portfolio, with the latter primarily incurred in our Global Reinsurance segment. At this time, the majority of our estimate for this segment is attributable to catastrophe treaties, which we would expect for an event with the characteristics of Hurricane Charley.”
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