Platinum Estimates Q3 Net Impact From Recent Hurricanes at Approximately $130 Million
Bermuda-based Platinum Underwriters Holdings, Ltd. announced that, based on currently available information, it estimates the net after-tax negative impact on third quarter results from Hurricanes Charley, Frances, Ivan and Jeanne is approximately $130 million.
The Company noted that its estimate is based on reported losses to date, commercial and proprietary catastrophe modeling and industry loss estimates of approximately $25 billion. Consequently, the actual impact on the Company’s results arising from these events may differ materially from the current estimate.
Platinum siad it intends to provide updated guidance when it reports financial results for the third quarter ended September 30, 2004 after the close of the New York Stock Exchange on Thursday, November 4, 2004.
Platinum was formed in 2003 with the spin-off of the St. Pauls’ reinsurance operations. RenaissanceRe holds around a 10 percent stake in the company.
- Report: Claims Handlers Embracing Technology
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- 2024 Wildfire Forecast Calls for ‘Below Average’ Season
- Beyond the Claim: How Social Canvassing is Transforming Insurance Fraud Detection
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- Mother of 8-Year-Old ‘Violently Sucked’ into Houston Hotel Pool Files Wrongful Death Suit
- Ship Owner in Bridge Collapse Seeks to Limit Its Liability
- Report: Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair