Bermuda-based XL Capital Ltd. said today that its preliminary net loss estimates, insurance and reinsurance, from Hurricanes Gustav and Ike range between $195 million to $270 million.
The announcement also included a rundown on the insurer/reinsurer's holding in Lehman Brothers, Washington Mutual, Fannie Mae and Freddie Mac.
XL Chief Executive Officer Michael S. McGavick said, "We are pleased that even at the high end of our current estimates, losses from these two hurricanes represent less than 3 percent of pro forma total shareholders' equity as of June 30. We believe that today's announcements demonstrate disciplined underwriting as well as our care in managing exposures to individual credits."
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