NU Online News Service, June 22, 11:43 a.m. EST
Greenwich, Conn.-based insurer W. R. Berkley Corp. says its estimated pre-tax losses for April and May U.S. storms are $65 million.
Berkley says its loss estimate is net of reinsurance and includes reinstatement premiums.
The preliminary estimate exceeds the losses contemplated in the company's budget for the full second quarter by approximately $35 million, Berkley says.
Berkley's announcement comes on the heels of an industry report that says first quarter net income for the property and casualty industry dropped 12 percent, or $1.1 billion, to $7.8 billion as losses grew dramatically during the period.
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