Catlin Group Estimates Combined Hurricane Losses Around $50 Million

Catlin Group Limited announced from Bermuda that, on the basis of the information currently available, it estimates that the net impact of the four hurricanes (Charley, Frances, Ivan and Jeanne) on 2004 income before income tax will amount to approximately $50 million.

Catlin said it has “completed an initial review of the potential financial impact, but the “estimate is subject to change — either upwards or downwards – as further information becomes available to the Group.”

It also noted that on September 14, 2004 “Catlin announced income before income taxes of US$112.6 million and record net income of US$95.8 million for the six months ended 30 June 2004. Catlin believes that the losses created by the recent hurricanes will have a positive effect on rate levels and underwriting discipline worldwide.”