ACE Puts Preliminary Estimates of Sandy Losses at $380 Million

ACE Limited announced that preliminary losses in the fourth quarter for the ACE Group of companies attributable to Superstorm Sandy in the northeastern United States are currently estimated to be $380 million after tax, net of reinsurance and including reinstatement premiums.

The bulletin explained that the “estimate includes losses generated from the company’s commercial and personal property and casualty insurance businesses as well as its reinsurance operations. Due to the size and complexity of the storm and related losses, the estimate is subject to change.”

ACE also said it is “updating full-year 2012 guidance to reflect the catastrophe losses and other adjustments currently projected for the quarter. The range is now $7.43 to $7.53 per share of after-tax operating income for the year.”

Source: ACE Group