Insurance News

Chubb Q3 disaster losses up to $475 mln

Posted on: October 4, 2011

(Reuters) – Property insurer Chubb Corp  on Wednesday warned it would report up to $475 million in pretax catastrophe losses in the third quarter, most of it coming from late August’s Hurricane Irene.

Chubb said $300 million to $375 million of the $400 million to $475 million in total losses came from Irene, which caused severe flooding and wind damage from the Carolinas all the way up to Vermont last month.

The losses amount to a range of 90 cents to $1.07 per share after tax, Chubb added. It will report full results for the quarter on Oct. 20.

Most of the country’s large property insurers are expected to report substantial disaster losses for the quarter because of Irene, although analysts typically build some hurricane losses into their third-quarter models.

Shares fell about 1 percent in after-hours trading. (Reporting by Ben Berkowitz, editing by Matthew Lewis)

© Thomson Reuters 2011. All rights reserved.

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