The insurance industry has yet to find calm financial waters inthe aftermath of Hurricane Katrina as companies continue to adjustlosses and rating agencies try to understand the future health ofthe individual players.
Chapel Hill, N.C.-based James River Group Inc. increased itsloss range estimate from $2-to-$2.6 million to $14-to-$16 million,or $1 to $1.18 per diluted share, net of reinsurance and includingreinsurance reinstatements, the company said.
James River said its initial estimate was based on catastrophemodeling estimates. But specific account information indicateslosses to be greater than the models. The company also said itexpects the losses to be greater than its reinsurance limitstreaty. A portion of the loss in excess of the carrier's catreinsurance limits will be shared with the company's quota sharereinsurer.
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