Transatlantic Holdings, Inc. (TRH) estimated that its net losses from Hurricanes Frances, Ivan and Jeanne will amount to approximately $65 million, after tax.
It said, “after adding the impact of such losses to the previously announced net after-tax loss from Hurricane Charley (estimated at $32.5 million), TRH presently expects that the aggregate net after-tax impact from all such events will approximate $97.5 million.”
President and CEO Robert F. Orlich commented: “These significant losses resulted from an extremely unusual series of events – four major hurricanes causing significant damage in the same state, as well as adjoining states, over a six week period. Calendar year 2004 is already one of the worst years on record for insured natural catastrophe losses.”
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