The Hartford, Safeco and several reinsurers are among carriers reporting nine-digit losses from Hurricanes Katrina and Rita this week.
Bermuda-based Allied World Assurance Holdings, Ltd. said it expects net losses arising from Hurricane Katrina will range between $200 million and $250 million from both insurance and reinsurance risks. The company said it was only a preliminary estimate and warned the figure could rise.
The Hartford in Hartford, Conn. reported today that it had estimated losses of $104 million from Katrina and $30 million from Rita. In addition, the company reported a $24 million after-tax charge for the third quarter of 2005 to increase its environmental reserves.
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