NU Online News Service, June 20, 1:09 p.m. EDT
Zurich Financial Services Group says it expects $295 million in losses from April and May U.S. storms for both Zurich North America and Farmers Re.
The estimate is net of reinsurance and before tax.
Zurich says its Commercial and Global Corporate businesses in North America are expected to take $200 million of the loss, while Farmers Re is expected to take the remaining $95 million. For Farmers Re, Zurich says the losses reflect reinsurance coverage proved to the Farmers Exchanges, which are managed but not owned by Zurich subsidiary Farmers Group.
Farmers Exchanges expect losses from the storms to be about $400 million, Zurich says.
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