ACE Limited announced on 12 September a preliminary estimate of net, after-tax losses from Hurricane Katrina in the $450 million to $550 million range. ACE said its loss estimate was equal to 5.3 percent of $10.5 billion in shareholders? equity at June 30.

Alea

Alea Group said on September 9 estimated it would take pre-tax net losses from Hurricane Katrina in the range of $20 million to $30 million, Its financial strength rating was downgraded on 9 September by S&P from A- to BBB+, based on non-Katrina related concerns. On September 15, AM Best confirmed Alea?s financial strength rating of A- (Excellent) and issuer credit rating of ?a-? will remain under review with negative implications, and will now include an evaluation of the impact of Hurricane Katrina. The company?s loss estimate of $20 million to $30 million represents around three to four percent of its $706.4 million in shareholders? equity at the end of 2004.

Arch Capital

Arch Capital Group Ltd. said on 16 September it expected its earnings in the third quarter to be $110 million to $160 million lower, after tax, because of Hurricane Katrina claims. The figure takes into account the reinstated premiums the company expects to sell. Arch?s preliminary estimate of Katrina losses represents roughly four to six percent of the company?s $2.8 billion capitalisation.

Aspen

Aspen Insurance Holdings Ltd. said on September 8 that its estimated losses from Hurricane Katrina were in the region of $150 million after tax, or about 9.4 percent of Aspen?s shareholders? equity of $1.6 billion at June 30.

Assured Guaranty

Bermuda-based Assured Guaranty Ltd. on September 20 raised its estimated public finance exposure after Hurricane Katrina from $155 million to $219.9 million.

Endurance

Endurance Specialty Holdings Ltd. said on 13 September that its preliminary estimate of net losses from Katrina were between $375 million and $450 million. Endurance?s loss estimate represents between 19 and 23 percent of its $1.98 billion in shareholders? equity at June 30. Endurance?s financial strength rating of A (Excellent) and issuer credit rating of ?a? were put under review with negative implications by AM Best on September 15.

Everest Re

Everest Group Ltd. announced 13 September it might be exposed to one percent of total insurance industry losses, but still expected to turn a profit for the year. Based on a total industry loss of $40 billion, Everest could pay out around $400 million, or ten percent of its $4 billion in shareholders? equity at June 30.

Imagine Re

Imagine Re, a privately held Bermuda reinsurer on 16 September estimated its exposure to Katrina losses to be $17 million. On September 15 the company?s financial strength rating of A- (Excellent) and the issuer credit rating of ?a-? were been placed under review with negative implications, by A.M. Best. Imagine?s estimated loss represents three percent of $524.2 million in shareholders? equity at the end of 2004.

IPC Re

IPC Re has not released an estimate of exposure to Katrina losses. On September 15 the company?s financial strength rating A+ (Superior) and the issuer credit rating of ?aa-? were been placed under review with negative implications, by A.M. Best.

Max Re

Max Re Capital Ltd. announced on 15 September that its third-quarter earnings will be negatively impacted by $60 million to $90 million in losses from Hurricane Katrina, representing between six and nine percent of shareholders? equity of $1 billion at June 30.

Montpelier Re

Montpelier Re Holdings Ltd., said on 12 September that its preliminary estimate of losses were in the range of $450 million to $675 million. On September 15 A.M. Best put the company?s financial strength rating of of A (Excellent) and its issuer credit rating of ?a? and all debt securities under review with negative implications. The company raised about $600 million in additional capital in a secondary share offering closed on September 16 - a move that may have addressed concerns AM Best had on Katrina losses undermining the company?s capital base. At June 30, Montpelier had $1.46 billion in shareholders? equity.

Olympus Re

Olympus Re, the privately-held company says it won?t release an estimate on its Katrina losses. Olympus? financial strength rating was downgraded to B+ from A- by A.M. Best on September 15 because of concerns that claims could threaten its financial stability.

PartnerRe

PartnerRe Ltd. said on 8 September that its preliminary estimate of third quarter losses were up to ten percent of shareholders? equity at June 30 of $3.482 billion. The estimate includes Partner Re?s exposure to Hurricane Katrina losses and other third-quarter catastrophes. PartnerRe estimated that the total industry insured loss from Hurricane Katrina would be in the range of $30 billion to $35 billion. On September 15, the company?s financial strength rating of A+ (Superior) and issuer credit rating of ?aa-? and all debt securities were placed under review with negative implications by A.M. Best.

Platinum

Platinum Underwriters Holdings. Ltd., announced on 15 September that its preliminary estimate of losses from Hurricane Katrina is expected to be equal to between 0.5 percent and 0.6 percent of the industry?s total. Losses from other catastrophes, including Hurricanes Dennis and Emily and flooding in Europe, will reduce its third-quarter results by an additional $16 million. Based on a total industry loss of $40 billion, Platinum could pay out between $200 million and $240 million. Coupled with the additional $16 million in expected third quarter catastrophe losses, Platinum could pay out as much as 20 percent of its $1.27 billion in shareholders? equity at June 30. The company said the higher the industry loss, the lower Platinum?s share of the loss was likely to be.

PXRE

PXRE Group Ltd. on September 19 revised its estimates for net losses from Hurricane Katrina to between $235 million and $300 million, from an earlier preliminary estimate of $235 million. The revised estimate amounts to between 30 percent and 40 percent of the company?s $763 million in shareholders? equity at June 30. The company expects to post a 2005 net loss between $85 million and $165 million. On September 15 AM Best put the company?s financial strength rating A (Excellent) and issuer credit rating of ?a? and all debt securities under review with negative implications. PXRE on Friday filed a shelf registration statement with the Securities and Exchange Commission to register the offer and sale of up to $300 million of securities.

RenaissanceRe

RenaissanceRe Holdings Ltd. said on 9 September that it expected to sustain Hurricane Katrina losses equal to one percent of the total insurance sector loss. The company expects to miss its previously announced earnings guidance for 2005 but expects to be profitable in 2005, barring any other significant catastrophe losses. Based on a total industry loss of $40 billion, RenRe could pay out around $400 million, or 14 percent of its $2.8 billion in shareholders? equity at June 30.

DaVinci Re, a reinsurer partly owned by Renaissance Re, on September 15 had its financial strength rating of A (Excellent) and issuer credit rating of ?a+? put under review with negative implications by AM Best.

Rosemont

Rosemont Holdings Ltd., a unit of by UK insurer Goshawk, on 8 September said it expects its Hurricane Katrina claims to be between $25 million and $30 million. That represents ten to 12 percent of Rosemont?s year-end shareholders? equity of $242 million. Rosemont?s financial strength rating of A- (Excellent) and issuer credit rating of ?a-? were earlier this month put under review with negative implications by AM Best because of Hurricane Katrina losses, and concerns over growing claims from last year?s Hurricane Ivan.

White Mountains

White Mountains Insurance Group, Ltd. said on 9 September that it estimated its Katrina losses to be in the range of $150 to $300 million pretax, or $100 to $200 million after tax. The company said its estimates are based on industry losses in the range of $20 billion to $35 billion (inclusive of offshore energy losses) and are net of all reinstatement premiums it expects to sell. White Mountains sustaining Katrina losses of $100 million to $200 million would represent between 2.5 percent and five percent of shareholders? equity of $4 billion at June 30.

XL Capital

XL Capital said on 12 September that it expected to pay out in the region of 1.75 percent of the industry?s total loss from Hurricane Katrina. XL?s estimate excluded the net reinstatement premiums the company expects to sell. Under the estimate, and based on a total industry loss of $40 billion, XL Capital could sustain losses from Katrina of $700 million. XL also announced an additional $80 million in expected claims related to other third-quarter catastrophes. $700 million in Katrina-related losses would represent about eight percent of XL?s total shareholders? equity of $8.37 billion at June 30. On September 15, AM Best put XL?s financial strength rating of A+ (Superior) and issuer credit rating of ?aa-? and all debt securities under review with negative implications, indicating a possible downgrade. S&P places its ratings on CreditWatch negative on September 20.