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IPC Holdings Estimates Impact Of Third Quarter 2004 Storms
The Company noted that it had still only received a small number of actual loss advices from clients impacted by the events. Accordingly, the estimate was based on industry loss estimates, output from both industry and proprietary models, a review of contracts potentially affected by the events and ongoing discussions with clients and intermediaries. The ultimate impact of losses from the storms on the Company's results of operations might therefore differ substantially from this estimate.
Jim Bryce, IPC's President and Chief Executive Officer, noted that "industry losses from this unfortunate and tragic series of catastrophe events serve to underscore the important role that catastrophe reinsurance serves in protecting the economic interests of the primary insurance market, as well as the importance to the companies within the industry as a whole, of financial strength and underwriting discipline, and in particular the prudent management of aggregate catastrophe exposures".