Los Angeles-based Mercury General Corp. announced estimates of its total losses from the four hurricanes that ravaged Florida during the third quarter.
Mercury General estimates a loss of approximately $24 million. The after-tax effect on third quarter net income is estimated to be approximately $16 million ($0.29 per diluted share). This estimate is
based on the total number of currently reported claims and the number of unreported claims anticipated as a result of the hurricanes.
Included in the $24 million loss estimate is an estimated $7 million in
losses related to Hurricane Charley. On Aug. 26, 2004 the company announced previously estimated losses from that storm to be within a $7 million to $9 million range.
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