Log In

Reset Password

Platinum estimates $30m loss from Sandy

Reshaping the shore: Waves bash against a sewage outfall structure in Point Pleasant Beach New Jersey. Before Superstorm Sandy caused massive beach erosion at the Jersey shore, the outfall had about 50 feet of beach between it and the ocean.

Bermuda-based Platinum Underwriters Holdings Ltd has released its estimated catastrophe losses related to superstorm Sandy, becoming the latest firm to estimate the impact of the storm that hammered the US Northeast in late October.Predictions of the insurance industry’s losses suggest that the final industry-wide tally from the massive storm could exceed $20 billion, but most major insurers are expected to pull through without absorbing permanent damage.Platinum expects fourth-quarter results to be hurt by about $30 million because of Sandy. That projection includes a preliminary estimate of losses, loss-adjustment expenses and other items. Platinum Underwriters said its assessment is continuing.Platinum Underwriters shares closed up 79 cents, or 1.8 percent, yesterday at $45.37. The stock is down 3.2 percent from its all-time high of $46.87 set in late October.