Philadelphia Consolidated Sees After-Tax Wilma Net Losses of $5.5M

Philadelphia Consolidated Holding Corp. reported its initial estimate of losses attributable to Hurricane Wilma. Although claims information is preliminary, the company estimates its after-tax net losses to be approximately $5.5 million. The catastrophe losses due to Hurricane Wilma impacted both its commercial and personal lines books of business.

As a result of utilizing certain catastrophe reinsurance coverage in connection with this hurricane event, the company will also recognize approximately $2.4 million, after-tax, in accelerated and reinstatement reinsurance premium expense during the fourth quarter 2005.