Katrina wipes out Brit’s 1st half profits
Brit Insurance Holdings has announced a preliminary estimate of £145m for claims arising from Hurricanes Katrina, Rita and the New Orleans flood (NOF). The company said the figure comprises £125m for Katrina/NOF and £20m for Rita, net of reinsurance recoveries and reinstatements. Brit says its claims are expected to arise primarily in its US direct property, reinsurance, retrocession and energy portfolios.
Brit said it believed that the net impact of the above estimate from the two Hurricanes/NOF on 2005 pre tax profits will be approximately equivalent to its £112m pre-tax result for the first sixOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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