Toronto-based Kingsway Financial Services Inc., the largest truck insurer in North America, has indicated that, due to reinsurance recoveries, its maximum exposure to losses from hurricane Katrina will not exceed U.S. $2 million, pre-tax.
Losses from the late August storm that hit Southern Ontario, however, are estimated at between C$2.5 to C$3.5 million (U.S.$2.12 to $2.97 million).
The company added that “due to the magnitude of the storm damage and disruption, Kingsway has received very little actual claim notification.” It expects its gross losses will “fall well within the limits of our Catastrophe reinsurance protection.”
The company’s U.S. subsidiary, Southern United Fire Insurance Company, located in Mobile, Alabama, “reports that the office is undamaged and open for business to assist clients in recovering from this tragedy,” the announcement continued. “We are thankful that all of our Kingsway staff located in the storm zone have been accounted for.”
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