Platinum Puts Gustav Losses at $15 Million

Bermuda-based Platinum Underwriters Holdings announced that its initial loss estimate from Hurricane Gustav of approximately $15 million, net of reinstatement premiums and tax benefit.

The Company stressed that the “loss estimate from Hurricane Gustav is preliminary and based on portfolio modeling, a review of individual contracts and discussions with clients and brokers. Consequently, the actual net impact on the Company’s results arising from Hurricane Gustav may differ materially from the current estimate.”

Source: Platinum Underwriters Holdings – www.platinumre.com