Greenwich, Conn.--based insurer W. R. Berkley Corporation said after-tax storm losses would amount to $41 million from Hurricanes Ike, Gustav and Dolly, and wind and hail events in the Midwest. The losses would translate into 24-cents a share.
Berkley yesterday estimated its third quarter operating income per share, including storm losses, to be in the range of 70-cents to 75-cents and its GAAP net loss per share to be in the range of 15-cents to 20-cents.
Operating income is a non-GAAP financial measure defined by the company as net income or loss excluding realized investment gains and losses.
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