The Chubb Corp. said catastrophe losses for the third quarter would amount to approximately $400 million and it would suffer more than $100 million in investment losses.
In a statement, the Warren, N.J.-based insurer said yesterday catastrophe losses for the third quarter of 2008, principally related to Hurricane Ike, would be approximately $400 million before tax (72-cents per share after taxes). The figure includes Chubb's estimated share of an assessment from the Texas Windstorm Insurance Association.
Chubb said it estimates that its net realized investment losses, including impairments, will be approximately $115 million before tax (20-cents per share after taxes) for the third quarter of 2008.
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