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Article: Alea Group Estimates Impact of Hurricanes.
- Article from:
- PR Newswire Europe
- Article date:
- October 11, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BERMUDA, October 11 /PRNewswire/ -- Alea Group Holdings (Bermuda) Ltd., the specialty insurer and reinsurer, today announces the estimated impact on earnings of recent hurricane activity in the United States and the Caribbean. Hurricanes Charley, Frances, Ivan and Jeanne have resulted in one of the most active storm seasons in the region ever recorded.
The ultimate cost of these four hurricanes is estimated at approximately USD$55 million (30.9 million pounds sterling) on a pre-tax basis. The estimate includes the net pre-tax cost previously announced for Hurricane Charley of less than USD$10 million.
The loss estimate was calculated following a ...