XL estimates Hurricane Gustav and Ike losses

XL, the Bermuda-based (re)insurer, has predicted preliminary loss estimates, pretax and net of reinsurance and reinstatement premium, related to Hurricane Gustav range from approximately $30-35m, and estimates for Hurricane Ike of $165-235m.

$65-85m of that loss is attributable to insurance, the group said, and $100-150m is reinsurance losses. It added that the value of its investments related to collapsed US investment bank Lehman

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ABI insists fire safety scheme is temporary

Mervyn Skeet, the Association of British Insurers’ director of general insurance, has outlined how the trade body will ensure the Fire Safety Reinsurance Scheme will only last three to five years, and how it will should end criticism of brokers earning commission for arranging cover.

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