Transatlantic Estimates Net Wilma Claims at $65 Million
Transatlantic Holdings, Inc. (TRH) announced that its preliminary estimate of pre-tax cost, net of reinsurance, related to Hurricane Wilma is around $100 million, or $65 million on an after-tax basis for the full year of 2005. TRH’s losses from Hurricane Wilma are expected to emanate principally from Florida and Mexico.
“The calculation of these estimates involves a significant amount of judgment and considers, among other factors, industry loss predictions, output from catastrophe modeling software, market share analysis and a review of certain large in-force contracts,” said the announcement. “Due to the preliminary nature of the information used to prepare these estimates, there is uncertainty at this time as to the ultimate costs that TRH will incur related to Hurricane Wilma.”