Alabama-based Vesta Insurance Group Inc. announced that its preliminary gross loss estimate from the first landfall of Hurricane Katrina is expected to be in the range of $500,000 to $1.2 million.
The preliminary loss estimate is based on catastrophe models and initial reports from policyholders. Vesta’s subsidiary, Florida Select has approximately 3,500 in-force policies providing windstorm coverage in south Florida where Katrina made landfall. From Katrina’s second landfall, Vesta does not have any exposure from policies in Louisiana or Mississippi, and expects minimal claims in surrounding states.
“We extend our deepest sympathy to people who have been affected by Hurricane Katrina,” said Norman Gayle, III, president and CEO of Vesta Insurance. “Our thoughts and prayers are with everyone who has been impacted by this catastrophe.”
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