Fairfax almost doubles its Katrina loss
Fairfax Financial Holdings has increased its original estimate of aggregate potential net losses relating to Hurricane Katrina to $388m before tax and minority interests, or $233m after tax and minority interests, based on an industry loss estimate of $50bn. The company said that its initial estimate of $175-220m before tax and minority interests had been based on an expected aggregate industry loss estimate of approximately $30bn.
The Canadian (re)insurance group said that the majority of the increase from the its initial estimate derived from an increase in subsidiary company Odyssey Re's initial estimate of a range up toOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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