3 Insurers Deliver Loss Estimates From Hurricanes

3 Insurers Deliver Loss Estimates From Hurricanes

NU Online News Service, Sept. 28, 10:04 a.m. EDT?American National said its property-casualty subsidiaries estimate the pre-tax impact from Hurricanes Charley, Frances and Ivan will be in the $22 million range.[@@]

Galveston, Texas-based American National subsidiaries include American National Property and Casualty and Farm Family.

The company said total gross losses are estimated at $37.2 million with $4.8 million in recoveries from the Florida Hurricane Catastrophe Fund and $10.3 million in recoveries from the company's catastrophe reinsurance.

The losses are expected to contribute approximately 8 points to the p-c companies' third-quarter combined ratio. Total combined ratio for the company would increase 2.7 points. The ratio for the six months ending June 30 stood at 92.9 percent.

RLI Corp., based in Peoria, Ill., said it anticipates losses from Hurricane Ivan to run between $3 million and $3.5 million. For Charley and Frances, the carrier said losses are estimated to be between $8 million and $10 million.

The estimate, the company said, would affect quarterly earnings by between 31- and 38 cents a share.

Philadelphia Consolidated Holding Corp., headquartered in Bala Cynwyd, Pa., said its losses are estimated not to exceed $6.8 million for Frances and to be between $5.5 million and $6.8 million for Ivan.

In August, the company said it did not expect losses from Charley to exceed $6.8 million.