Bermuda-based XL Capital Ltd announced that, based on revised loss reports and estimates, it expects net claims arising from storm activity during the third quarter, 2004 of approximately $450 million.
This amount includes revised estimates for expected net claims related to Hurricanes Charley, Frances and Ivan of approximately $120 million, $80 million and $160 million, respectively and includes estimated net claims of approximately $90 million related to Hurricane Jeanne. Net claims related to recent storms in the Pacific were not significant.
Of the $450 million in total expected net claims, approximately $260 million is expected to be attributable to the company’s reinsurance segment with the balance of approximately $190 million attributable to the Company’s insurance segment.
As a result of these estimated claims, the company expects to record a charge of approximately $420 million after tax, which will adversely affect its third quarter and full year results but will not materially affect its overall financial condition.
Was this article valuable?
Here are more articles you may enjoy.
PG&E Weighs Gas Business Separation Over California Fire Rules 
Florida AG Says His Office Investigating ‘Anti-Public Adjuster’ Endorsements in Policies 
Yellow Furball Mascot Liberty Biberty Sparks ‘Beautiful’ Protest. Seriously? 
Father and Son Charged With Running ‘Chop-Shop,’ Selling Stolen Cars, Insurance Fraud 
