IPC takes up to $100m Cat hit in UK and Australia
Catastrophe reinsurance specialist IPCRe has issued a profits warning that its second quarter 2007 earnings will be negatively impacted by the storms and flooding that affected New South Wales, Australia in early June, and by the flooding in parts of northern England, which hit in mid-June and continue to affect some areas.
IPC told the market that complexity resulting from the ongoing floods in several areas of England introduces additional uncertainty to the normally difficult process of estimating catastrophe losses.
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