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NEW YORK - Insurer XL Capital Ltd. said Monday it will post pretax losses of $195 million to $270 million related to claims from Hurricanes Gustav and Ike.
The loss estimates are based on the Bermuda-based company's review of treaties and policies expected to be impacted.
For Hurricane Gustav, the estimated pretax loss ranged from $30 million to $35 million in insurance and reinsurance claims. Hurricane Ike meanwhile is estimated to result in a pretax loss of between $165 million and $235 million, the company said.
XL Capital also assured investors that less than one-quarter of a percent of its investment portfolio was exposed to Lehman Brothers Holdings Inc. as of June 30, 2008. Lehman filed for bankruptcy earlier this month.
Shares of XL Capital fell $1.70, or 9.2 percent, to $16.71 in early morning trading.
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