Bermuda-based Platinum Underwriters Holdings, Ltd. announced that, based on currently available information, it estimates the net after-tax negative impact on third quarter results from Hurricanes Charley, Frances, Ivan and Jeanne is approximately $130 million.
The Company noted that its estimate is based on reported losses to date, commercial and proprietary catastrophe modeling and industry loss estimates of approximately $25 billion. Consequently, the actual impact on the Company’s results arising from these events may differ materially from the current estimate.
Platinum siad it intends to provide updated guidance when it reports financial results for the third quarter ended September 30, 2004 after the close of the New York Stock Exchange on Thursday, November 4, 2004.
Platinum was formed in 2003 with the spin-off of the St. Pauls’ reinsurance operations. RenaissanceRe holds around a 10 percent stake in the company.
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