Specialty insurer Hiscox said it estimates its insured losses from Hurricanes Gustav and Ike will total $175 million, and also said it would expand the capacity of its Syndicate at Lloyd's.

The Hamilton, Bermuda-based insurer said its estimate of the claims from Hurricane Gustav would amount to $25 million, and Ike would come in at $150 million. The figures are net of reinsurance and reinstatement premiums, the company said. Hiscox said the figures are based on industry loss estimates of $2.75 billion for Gustav and $17.5 billion for Ike.

The company also announced that Hiscox Syndicate 33 at Lloyd's would not be decreased to ?550 million (U.S. $878 million) as previously planned. Instead, capacity will be increased to ?750 million ($1.20 billion) for 2009.

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