American National Revises Katrina Losses, Unveils Estimate for Rita

Texas-based American National Insurance Company announced that its subsidiary property and casualty companies, including American National Property and Casualty (ANPAC) and ANPAC Louisiana Insurance Company and their subsidiaries, have revised their estimated pre-tax loss, net of reinsurance, from Hurricane Katrina to $42 million. The estimated pre-tax loss before reinsurance is $222 million.

American National’s estimated pre-tax loss, net of reinsurance, from Hurricane Rita is $10.4 million, with an estimated pre-tax loss before reinsurance of $25 million.

These estimates are based upon information received through Oct. 3 on claims that have been settled, information received from Catastrophe Team Adjusters, and from future expected claims. These estimates will be refined as uncertainties involving the nature of the events, difficulty accessing parts of the affected areas, complexities of losses, legal issues and regulatory issues are resolved.

Topics Profit Loss Reinsurance