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American International Group, Inc. has issued an initial estimate of its total expected losses from Hurricane Charley, indicating that the total after tax would be in a range of $80 to $100 million.

“This total includes ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s own Domestic Brokerage Group (including Lexington Insurance Company) and its Domestic Personal Lines business as well as ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s prorated share of losses from ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s majority investments in Transatlantic Holdings, Inc. and Lloyd’s Syndicate 1414 (Ascot); and ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s minority investments in Allied World Assurance Co. Ltd. and IPC Holding, Ltd.,” said the bulletin.

Chairman M. R. Greenberg commented: “ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s claims professionals have been working diligently to serve our customers throughout the region impacted by Hurricane Charley.”

He also stressed: “ÌìÃÀÍøÕ¾´«Ã½´«Ã½ is a highly diversified company in terms of both the geographic distribution of our operations around the world and our mix of businesses, which include Life Insurance & Retirement Services, Financial Services and Asset Management as well as General Insurance. The value of this diversity is clearly evident when losses from a significant catastrophe such as Hurricane Charley represent a very small share of ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s historic quarterly income.”

Topics Profit Loss ÌìÃÀÍøÕ¾´«Ã½´«Ã½