ProCentury Corporation reported after-tax losses for the third quarter from hurricanes Katrina and Rita of approximately $6.0 million, or $0.46 per diluted share, net of expected reinsurance and including estimates of internal cost to settle the claims, premiums to reinstate reinsurance coverage and the Company’s five percent co-participation in its property catastrophe reinsurance treaty. The after-tax net impact of Katrina is estimated to be approximately $3.4 million and the after-tax net impact of Rita is estimated to be approximately $2.6 million.
The company’s estimates are based on claims received to date, an analysis of policies in force and industry loss estimates. Gross losses from Katrina and from Rita are expected to be within the limits available to the company under its property catastrophe reinsurance treaty.
ProCentury Corporation, based in Columbus, Ohio, is a specialty property and casualty insurance holding company. Its subsidiary, Century Surety Company, underwrites property and casualty insurance for small and mid-sized businesses. Century Surety Company primarily writes excess and surplus lines insurance and markets its products through a select network of general agents.
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