Bermuda-based ACE Group of Companies announced today its estimated third quarter catastrophes losses, net after-taxes, including Hurricanes Gustav and Ike, will amount to approximately $315 million, including reinstatement premiums.
At the same time, Bermuda-based Everest Re Group, Ltd. said that its preliminary loss estimates for Hurricanes Gustav and Ike are expected to range between $200 million and $220 million, net of reinstatement premiums and taxes.
The firm said it based the estimate on underwriters' analyses and judgments, client input and discussion, event modeling and profiling of exposed limits.
It will be several months, said Everest Re, before relative clarity emerges with respect to its ceding companies' underlying losses.
The reinsurer also said it will release its third-quarter earnings Oct. 20 after the close of trading on the New York Stock Exchange. A conference call discussing the results will be held the next day at 8:30 a.m. Eastern Time and will be available on the company Web site.
This article updated 1:29 p.m.
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