Chubb Estimates $570 Million Net Loss From Superstorm Sandy

The Chubb Corporation announced it estimates its losses from Sandy to be approximately $880 million before tax — or $570 million after tax.

These amounts include estimated losses and loss expenses net of reinsurance recoverable and also include estimated reinsurance reinstatement premiums.

The Warren, N.J.-based insurer also announced that it now intends to resume repurchasing its shares — although it no longer expects to complete repurchases under its current $1.2 billion authorization by the end of January 2013 as previously contemplated.

As previously disclosed, in light of Sandy and the uncertainties surrounding it, Chubb had temporarily suspended repurchase of its common stock under its share repurchase program.

Chubb said that after the Board of Directors’ annual review of Chubb’s share repurchase program in January 2013, the insurer expects to announce an additional share repurchase authorization when it announces its fourth quarter 2012 financial results, scheduled for Jan. 31, 2013.