ACE Announces $380M Loss Estimate Related to Superstorm Sandy

ACE Limited announced preliminary losses in the fourth quarter for the ACE Group of companies attributable to Superstorm Sandy in the northeastern United States are currently estimated to be $380 million after tax, net of reinsurance and including reinstatement premiums.

The estimate includes losses generated from the company’s commercial and personal property and casualty insurance businesses as well as its reinsurance operations. Due to the size and complexity of the storm and related losses, the estimate is subject to change.

The company is updating full-year 2012 guidance to reflect the catastrophe losses and other adjustments currently projected for the quarter. The range is now $7.43 to $7.53 per share of after-tax operating income(1) for the year.

Source: ACE Limited