Arch Capital (ACGL) Sees Negative Impacts from Effects of Gustav and Ike; Updates Outlook
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Arch Capital Group Ltd. (Nasdaq: ACGL) today announced that it expects pre-tax earnings for Q308 to be negatively impacted by the effects of Hurricanes Gustav and Ike in the range of $105-$180 million, net of reinsurance and reinstatement premiums. The Company's preliminary net loss estimate for Hurricane Gustav is in the range of $15-$30 million based on industry insured losses of $2.5-$4.5 billion. The preliminary net loss estimate for Hurricane Ike is in the range of $90-$150 million based on industry insured losses of $8-$12 billion.
Arch Capital Group, Ltd., through its subsidiaries, provides insurance and reinsurance products worldwide.
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