Ace Group has announced that the recent spate of hurricanes will hit its pre-tax profits by $480m.
This total includes the previously announced loss estimate of approximately $100m from Hurricane Charley, as well as loss estimates from Hurricanes Frances, Ivan and Jeanne, which struck the Caribbean and the US in the months of August and September, and typhoons Songda, Chaba and Meari, which impacted Asia during the quarter.
The insurer estimates that it will record an after-tax charge of approximately $400 million in the third quarter.
