Quanta Capital Estimates Hurricane Loss Impact at Around $46 Million

Bermuda-based Quanta Capital Holdings Ltd. announced that the total estimated claims and after tax net losses from hurricanes Charley, Frances, Ivan and Jeanne are expected to be approximately $46 million and will be included in its third quarter financial results.

“Substantially all of these losses are attributable to our reinsurance business segment and will be mitigated by the continued earnings of premium in future periods from the company’s existing reinsurance contracts,” said the announcement. “The company’s aggregate estimate for all four hurricanes includes an updated amount for Hurricane Charley which is consistent with the mid-point of its previously announced estimate.”

The announcement added that the estimates are “based on, among other things, those claims that we have received to date, industry loss estimates, output from industry and company models and a review of in-force contracts. The actual amount of losses from the hurricanes and impact on the company’s third quarter results may vary significantly from the estimate.”