Bermuda-based IPC Holdings, Ltd. has updated, which is to say increased, the estimated impact on its 2005 results from hurricanes Katrina, Rita and Wilma. “Based upon current analysis, which has been updated using additional information provided by ceding companies, IPC expects the aggregate net impact from Katrina and Rita to be approximately $744 million, after taking into account reinstatement premiums,” said the bulletin.
IPC noted that this “represents a change of approximately 4 percent to the Company’s previous estimate of a net impact of approximately $716 million. The majority of the increase has resulted from changes to estimated losses for hurricane Rita. In addition, the Company also provided further information with respect to hurricane Wilma, the net impact of which is now estimated to be approximately $105 million, after reinstatement premiums.”
IPC also indicated, as have most other companies, that nearly five months after Katrina struck the estimated loss figures remain incomplete. They are “subject to revision as additional information becomes available to us,” IPC said. “We currently anticipate the release of our earnings for the fourth quarter and year ended December 31, 2005 after the close of trading on February 21, 2006, and will be holding a conference call to discuss the results at 8:30 a.m. EST on February 22, 2006. The call will be webcast on the Internet and can be accessed via the Company’s website, http://www.ipcre.bm.”
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