HCC Insurance has announced that the company estimates a gross loss of $70m from Hurricane Rita, arising primarily from onshore and offshore energy, property, marine and other specialty lines of business.
Stephen Way, HCC chairman and chief executive, said, "Rita represents a significant energy insurance claim and once again highlights the inadequacy of current rating levels in this class to pay for such losses.
"Despite two major hurricane losses and a reinsurance commutation charge, we still expect to make a small
profit in the third quarter and anticipate achieving record earnings for the full year due to the continuing strength of our other lines of business."
