Philadelphia Consolidated Sees Early Hurricane Katrina Losses at $5.1 Million

Philadelphia Consolidated Holding Corp. reported its initial estimate of losses attributable to Hurricane Katrina.

Although claims information is preliminary, the company estimates its net after-tax losses to be approximately $5.1 million. Such after-tax losses may change due to the preliminary nature of the information currently available. The company further announced that the catastrophe losses due to Hurricane Katrina impacted both its commercial and personal lines books of business.

Additionally, as a result of utilizing certain catastrophe reinsurance coverage in connection with this hurricane event, the company will recognize approximately $0.4 million, after-tax, in accelerated and reinstatement catastrophe reinsurance premium expense during the third quarter 2005.