Safeco Estimates Charley Losses at $45 Million

Seattle-based Safeco announced that claims stemming from Hurricane Charley are estimated at $45 million in pretax catastrophe losses.

This figure represents the estimated losses both from claims received through Aug. 24, 2004 and future expected claims from policyholders whose homes or businesses were destroyed or damaged in the storm. The effect on third-quarter net income is estimated at $29 million after tax, or $0.22 per diluted share.

These estimates do not anticipate any reimbursement from the Florida Hurricane Catastrophe Fund or Safeco’s property catastrophe reinsurance.