The Hartford Estimates $140M in Charley Losses

August 31, 2004

Connecticut-based The Hartford Financial Services Group Inc. announced that its losses resulting from Hurricane Charley are estimated to be $140 million (before-tax).

This amount is net of applicable reinsurance sources including the Florida Hurricane Catastrophe Fund and includes reinstatement premiums for the company’s reinsurance programs. On an after-tax basis, Hurricane Charley losses are estimated to be $91 million, or $0.30 per diluted share.

“Whenever disaster strikes, our thoughts are first and foremost with our customers. Our hearts are with everyone who has suffered in the wake of this hurricane, and we are working diligently to bring fast and needed relief to our many customers as they get their lives and businesses back together,” said The Hartford’s chairman and CEO Ramani Ayer. “As our team of adjusters continues the process of helping customers affected by the storm, we’re also proactively reaching out to those in the hardest-hit areas of Florida who have not yet filed claims, including customers with second homes in the region, to determine if assistance is needed.”

The Hartford to date has received about 11,300 claims, of which nearly 9,000 are homeowners, around 1,100 are commercial property and approximately 1,200 are automobile.

The large majority of the claims stemming from the Category 4 hurricane are from the residential areas of western Florida, including Charlotte, Lee and Sarasota counties. Hurricane Charley made landfall near Port Charlotte, Fla., on the afternoon of Friday, Aug. 13, 2004, before proceeding to cut a northeasterly path across Florida and the coast of the Carolinas.

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