Lloyd's insurer Catlin has announced that it expects to take a $60m hit in net losses from the damage caused by Hurricane Rita.
The group's gross loss estimate for Rita is $90m with the insurer expecting to receive $30m from reinsurance contracts.
Stephen Catlin, chief executive of Catlin, said: "In the light of these losses, we are already seeing significant rate increases for numerous classes of insurance and reinsurance, particularly those affected by the hurricanes."
