Bermuda-based Platinum Underwriters Holdings, Ltd. announced that on the basis of currently available information, it estimates that after-tax losses from Hurricane Frances, net of reinstatement premiums, will range from $25 million to $40 million.
The Company noted that very few clients have reported actual losses under its reinsurance treaties and consequently the estimates are based on the output of commercial and proprietary catastrophe models as well as consideration of total industry loss estimates that vary widely up to $9 billion.
It added: “Based on the current industry environment, the mix of business underwritten and normal catastrophe losses for the remainder of this year, the Company expects that its 2004 earnings per diluted common share will be approximately $3.00, based on an estimate of 51 million diluted shares.”
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Kroger Plans to Slash 37% of Corporate Jobs in Next Three Years 
Banking Watchdogs Ramp Up AI Scrutiny as Stability Fears Mount, Sources Say 
NYC Restaurants Shut Off Air Conditioning, Close on Sundays as Costs Surge 
Supervisor’s Punching of Employees Enough for Tort Suit, NC Appeals Court Says 
