Specialty-insurer Alterra Capital Holdings tells investors it expects third-quarter catastrophe losses of between $10 million and $15 million.
The Bermuda-based insurer says a majority of the losses are from Hurricane Isaac, which struck the Gulf states on Aug. 28.
In addition to its Isaac-related losses, Alterra says its net underwriting loss related to crop damage from drought in the U.S. will be about $22.5 million.
Estimates are pre-tax and net of reinsurance and reinstatement premiums.
Alterra is scheduled to release third-quarter earnings Nov. 6 after the market closes. Last year, the specialty insurer booked a third-quarter profit of $48.4 million (compared to $82.8 million for Q3 2010) while recording $42.8 million in catastrophe losses, mostly from Hurricane Irene.
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