Alabama-based Vesta Insurance Group Inc. announced that its Florida Select subsidiary expects to incur losses between $5.0 and $10.0 million, net of reinsurance, from Hurricane Frances.
In addition, the company has affirmed its loss estimate from Hurricane
Charley and continues to expect losses between $10.0 and $13.5 million, net of reinsurance. Vesta also stated that its reinsurance coverage from the Florida Hurricane Catastrophe Fund remains virtually intact and that it has not materially penetrated its property catastrophe excess of loss reinsurance program. The company reportedly remains in a solid position to withstand additional hurricanes this season.
Vesta currently estimates that the gross loss, before reinsurance, is
approximately $25.0 to $35.0 million from Hurricane Charley and $10.0 to $20.0 million from Hurricane Frances.
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