Arch Capital Group Ltd. Announces Estimate of Losses from Hurricane Katrina
16 Septembre 2005 - 10:29PM
Business Wire
Arch Capital Group Ltd. (NASDAQ: ACGL) announced today that it
expects third quarter operating earnings to be negatively impacted
by the effects of Hurricane Katrina in the range of $110 million to
$160 million, after tax. These initial estimates are based on
industry insured losses (including marine and energy losses) of $25
to $35 billion, respectively, and reflect expected reinstatement
premiums. These initial estimates represent approximately 0.4% of
the industry's aggregate loss estimates. The losses are currently
expected to arise equally in the Company's insurance and
reinsurance businesses if the industry loss is at the lower end of
the range and move to a 40/60 split, insurance and reinsurance, if
the losses are at the upper end of the estimates. Due to the size
and complexity of the storm, there is substantial uncertainty
regarding total covered losses for the insurance industry and the
assumptions underlying the Company's estimates relating to the
hurricane. These estimates are based on currently available
information derived from modeling techniques, industry assessments
of exposure, extremely preliminary claims information obtained from
the Company's clients and brokers to date and a review of the
Company's in-force contracts. The Company's actual losses from the
hurricane may vary materially from the estimates due to the
inherent uncertainties in making such determinations resulting from
several factors, including the preliminary nature of the available
information, the potential inaccuracies and inadequacies in the
data provided by clients and brokers, the modeling techniques and
the application of such techniques, the contingent nature of
business interruption exposures and the manner in which flood
losses will attach, as well as the effects of any resultant demand
surge on claims activity. In addition, actual losses may increase
if the Company's reinsurers fail to meet their obligations to the
Company or the reinsurance protections purchased by the Company are
exhausted. Arch Capital Group Ltd., a Bermuda-based company with
over $2.8 billion in capital, provides insurance and reinsurance on
a worldwide basis through its wholly owned subsidiaries. Cautionary
Note Regarding Forward-Looking Statements The Private Securities
Litigation Reform Act of 1995 provides a "safe harbor" for
forward-looking statements. This release or any other written or
oral statements made by or on behalf of Arch Capital Group Ltd. and
its subsidiaries (collectively, the "Company") may include
forward-looking statements which reflect the Company's current
views with respect to future events and financial performance.
Forward-looking statements involve the Company's current assessment
of risks and uncertainties, which may cause actual events and
results and prospects to differ materially from those expressed or
implied in these statements. Certain information regarding such
risks and uncertainties is set forth in the Company's filings with
the Securities and Exchange Commission. The Company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Arch Capital (NASDAQ:ACGL)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Arch Capital (NASDAQ:ACGL)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024