Hamilton, Bermuda-based insurer Arch Capital Group Ltd. said losses from Hurricanes Gustav and Ike could cost it close to $200 million.
The company said it expects pretax earnings for the third quarter of 2008 from the two hurricanes to impact earnings in the range of $105 million to $180 million, net of reinsurance and reinstatement premiums.
Arch said its losses from Hurricane Gustav are estimated to range from $15 million to $30 million based on industry insured losses of $2.5 billion to $4.5 billion. The preliminary net loss estimate for Hurricane Ike ranges from $90 million to $150 million based on industry losses of $8 billion to $12 billion.
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