Filed Under:Markets, Reinsurance

Chubb Puts $880M Price Tag on Sandy Losses

The Chubb Corp. says it estimates its losses from Superstorm Sandy to be approximately $880 million before tax, or $570 million after tax.

The Warren, N.J.-based insurer issued a statement last yesterday saying these amounts include estimated losses and loss expenses net of reinsurance recoverable and also include estimated reinsurance reinstatement premiums.

Chubb temporarily suspended its repurchase of its common stock under its share repurchase program due to uncertainty surrounding losses from Sandy.

The company says it now intends to resume repurchasing its shares, although it no longer expects to complete repurchases under its current $1.2 billion authorization by the end of January 2013 as planned.

Chubb says it expects to announce an additional share repurchase authorization at the same time it announces its fourth quarter 2012 financial results.

Fourth quarter results will be released on Jan. 31 at 5 p.m. EST.

Yesterday, The Hartford released a statement that it expected approximately $370 million in losses and Hanover Insurance Group expected loses ranging from $120 to $140 million.  

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