ACE Expect $300M Loss From Superstorm Sandy
Bermuda-based ACE Limited said today [Dec 10] that preliminary losses in the fourth quarter for the ACE Group of companies from Superstorm Sandy in the northeastern United States are currently estimated to be $380 million after tax, net of reinsurance and including reinstatement premiums.
This estimate includes losses generated from the company’s commercial and personal property and casualty insurance businesses as well as its reinsurance operations. Due to the size and complexity of the storm and related losses, the estimate is subject to change.
Hurricane Sandy battered the Northeast in October 2012, killing more than 100 people, leaving tens of thousands homeless, cutting power to more than 8 million homes, crippling mass transit and inflicted billions of dollars in infrastructure damage.
