Kiln has said the hurricanes in the US this year will hit its pre-tax profits by £60m-£80m...
Kiln said the hurricanes in the US this year will hit its pre-tax profits by £60-80m.
The group also said its flagship syndicate was raising capacity for next year to take advantage of higher insurance rates in the wake of the hurricane.
Kiln said the hurricane loss figures included an initial estimate of the losses arising from Hurricane Wilma of £7.5m-£12.5m and a deterioration of about £10m relating to losses expected from Hurricane Katrina.
Kiln said its results for the full year, "including whether or not the board is able to report a profit for 2005", were dependent on the group's performance in the last quarter, as well as other variables including...the development of previous underwriting years and the impact of some IFRS accounting rules."
