Platinum Estimates SuperStorm Loss: $30M
Bermuda-based Platinum Underwriters Holdings, Ltd. said it expects Hurricane Sandy will have a net negative impact of approximately $30 million on the Company’s results for the quarter ended December 31, 2012.
The net negative impact from Hurricane Sandy includes a preliminary estimate of losses and loss adjustment expenses, net of retrocessional coverage, reinstatement premiums and income taxes.
The Company’s assessment of its exposure to this event is ongoing. The actual net negative impact of this event on the Company’s results may differ materially from the Company’s estimate due to the inherent uncertainties of making such estimates,
