Arch Capital sees 3Q losses from hurricanes

According to the Bermuda-based company's preliminary estimate, it expects a net loss of $90 million to $150 million from Hurricane Ike and $15 million to $30 million from Hurricane Gustav.

The estimates are based on industry insured losses of $8 billion to $12 billion from Hurricane Ike and $2.5 billion to $4.5 billion from Gustav, Arch Capital said.

The company also said it held fixed-income securities issued by failed investment bank Lehman Brothers Holdings Inc. of $26.3 million as of June 30, but had no direct exposure to insurer American International Group Inc.'s securities.

However, the company said it had held $16.9 million in fixed-income securities of AIG's subsidiaries as of June 30.

Shares of Arch Capital fell $2.15, or 2.9 percent, to $71.25 in afternoon trading. The stock earlier hit a 52-week low of $33.03. It has traded between $63.74 and $80.46 over the past year.