The St. Paul Companies announced that the terrorist attacks of Sept. 11 will likely result in estimated net pretax losses of approximately $700 million to the company from its U.S. primary insurance, reinsurance and Lloyd’s of London operations.
The company’s estimate is based on a total insured loss of between $30 billion and $35 billion for the industry. However, it will take more time before the total industry loss is clear. The St. Paul’s net loss comprises all losses from all lines of insurance, and takes into account the company’s various reinsurance arrangements, its catastrophe reinsurance program, the corporate reinsurance program, and a provision for potentially unrecoverable reinsurance.
Topics Profit Loss Reinsurance
Was this article valuable?
Here are more articles you may enjoy.
CEO Sentenced in Miami to 15 Years in One of the Largest Health Care Fraud Cases 
Cloudy Future for Bourbon Has Jim Beam Closing Distillery for a Year 
Howden US Tells Judge Brown & Brown Employees Fled Due to ‘Mistreatment’ 
Three Top P/C Insurers Account for Most of Insurance AI Patents 
