Everest Re Group
raised loss estimates related to the 2005 hurricanes by $200 million to $1.2 billion, net of reinstatements, the company said in a press release.
The Bermuda-based reinsurance company said that as a result of the increased loss estimates on the storms, it will post a wider full-year loss than had originally been anticipated.
For the full year 2005, the net after-tax impact of Hurricanes Katrina, Rita and Wilma is estimated at $962 million. For the fourth quarter of 2005, losses are now estimated at $492 million on a pretax basis, and $395 million on an after-tax basis.
The company added that 2005 was the costliest natural catastrophe year on record for Everest as well as for the U.S. insurance industry.
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