Platinum takes $45m Rita hit but still sees FY profits

Platinum Underwriters Holdings has unveiled a net Hurricane Rita loss estimate of $45million. However the Company added that it expects to be profitable for the full year of 2005, assuming no significant catastrophe losses or other unusual adverse events for the balance of the year.

The Company cautioned that because it has received very few claims notices to date, the loss estimates from Rita are preliminary and are based on portfolio modeling, a review of individual contracts

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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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