Bermuda-based Montpelier Re Holdings Ltd. announced that on the basis of currently available information the estimated combined net negative impact of losses from Hurricanes Charley, Frances, Ivan and Jeanne and Typhoons Songda and Chaba on the Company’s results for the third quarter of 2004 is expected to be in the range of $185 million to $235 million.
Endurance noted that the estimate incorporated a reduction from $63 million to $55 million in the upper point of the range of its previous estimate of the net impact of Hurricane Charley.
Chairman, President and Chief Executive Anthony Taylor cautioned that the Company had yet to receive actual loss advices from a significant number of clients in respect of all four hurricanes and both typhoons. “Accordingly the estimate was based on loss advices to date, industry loss estimates, output from industry and proprietary models and a review of in-force contracts,” said the bulletin. “The actual impact of losses from the hurricanes and typhoons on the Company’s third quarter results might therefore vary materially from the estimate.”
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