Markel Estimates Katrina Losses at $125-$150M

Virginia-based Markel Corp. reported that estimated after tax losses, including reinstatement premiums, from Hurricane Katrina are expected to range from $125 million to $150 million.

The company’s estimate of hurricane losses is based on claims received to date, industry loss estimates, output from both industry and proprietary models as well as a review of in-force contracts. This estimate is preliminary and based on broad assumptions about coverage, liability and reinsurance.

More complete details about these matters, as well as estimated losses from Hurricane Rita, will be included in the company’s full quarterly results which are expected to be available on Nov. 2.