Midwest Insurers Issue $90 Million More in Hurricane Loss Estimates

Another group of Midwest-based insurers have issued loss estimates totaling $90 million related to the recent hurricane season.

St. Paul Travelers Cos. estimated its losses from Hurricane Frances at about $75 million, after tax and reinsurance. The company said it lost about $30 million on its commercial risks, about $21 million on specialty risks, and about $24 million on personal insureds.

The St. Paul, Minn.-based company said the losses, along with the previously announced loss estimates from Hurricane Charley, are expected to reduce its diluted earnings per share for the third quarter of 2004 by about 31 cents per share. Estimated losses from Hurricane Ivan are currently not available.

Chicago-based Unitrin Inc. announced that it expects that its net losses resulting from Hurricanes Charley, Frances and Ivan combined will be less than $15 million after-tax. Unitrin had previously disclosed that its net losses from Hurricanes Charley and Frances combined would be less than $10 million after-tax.