A reinsurance subsidiary of Bermuda-based White Mountains Insurance Group has increased its 2005 gross catastrophe loss estimates by $203 million.
Folksamerica Reinsurance Company has set its reserves for offshore energy and marine exposures for Hurricanes Katrina and Rita at full policy limits, and increased its reserves on other exposures affected by the storms.
As a result of the announcement, A.M. Best has downgraded the subsidiary from "A" to "A-minus" and placed the rating under review with negative implications.
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