Katrina & Rita knock PXRE for $230m-$320m 3Q loss
Bermudian property catastrophe reinsurer PXRE has announced that its preliminary estimate of the net impact from Hurricane Rita is between $30 million and $40 million, after tax, reinsurance recoveries on its outwards reinsurance program and the impact of reinstatement premiums. Based on the Company's preliminary estimate of loss from Hurricane Rita and its previously announced preliminary range of loss from Hurricane Katrina, the PXRE now expects to report a net loss of $125 to $220 million for 2005, assuming no additional material catastrophes occur during the rest of 2005.
For the quarter ending September 30, 2005, PXRE expects to report a net loss of between $230 to $320 million, which is expected to result in a diluted book value range of approximately $13.10 to $15Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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