Fairfax Puts Charley Losses at $40 Million

August 24, 2004

Canada’s Fairfax Financial Holdings Limited announced that its initial estimate of aggregate potential net losses relating to Hurricane Charley will be “in the range of US $35 million to US $40 million after tax and minority interests.”

Fairfax said the “initial estimate is based on a preliminary review and consultation with our insurance and reinsurance companies, including OdysseyRe, Crum & Forster and Northbridge.” It cautioned: “At this early stage it is not possible to make a calculation of its financial exposure to claims relating to Hurricane Charley with a high degree of certainty.”

In a separate bulletin Odyssey Re Holdings Corp. Said its initial estimate of losses from Charley is expected to be approximately $20 million on a net after-tax basis, based on its “internal catastrophe models, consultation with client companies and current industry insured loss estimates.”

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