Property insurer Chubb Corp. Wednesday warned it would report up to $475 million in pretax catastrophe losses in the third quarter, most of it coming from late August’s Hurricane Irene.
Chubb said $300 million to $375 million of the $400 million to $475 million in total losses came from Irene, which caused severe flooding and wind damage from the Carolinas all the way up to Vermont last month.
The losses amount to a range of 90 cents to $1.07 per share after tax, Chubb added. It will report full results for the quarter on Oct. 20.
Most of the country’s large property insurers are expected to report substantial disaster losses for the quarter because of Irene, although analysts typically build some hurricane losses into their third-quarter models.
Shares fell about 1 percent in after-hours trading.
(Reporting by Ben Berkowitz, editing by Matthew Lewis)
Topics Trends Profit Loss Chubb
Was this article valuable?
Here are more articles you may enjoy.
Independent Agencies Total About 37,000 in 2026, a Decrease From 2024 
Florida Commissioner Suspends A-Cap’s Atlantic Coast Life Over Surplus Issues 
Florida Agents Appointed With Citizens Drops as Carrier Competition Grows 
New Jersey Employers Should Prepare Now for Oct. 1 Independent Contractor Rule 
