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.  

Top Story

5 things drivers need to know before working for a ridesharing service

Uber, Lyft and Sidecar drivers pose major insurance risks to passengers and themselves.

Top Story

Cyber risk jumps to No. 2 on Travelers Business Risk Index

Up from fifth place last year, cyber risks ranked as the second biggest concern for all businesses.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone
         

Advertisement. Closing in 15 seconds.