Kiln has said that it believes the combined pre-tax cost of Hurricanes Katrina and Rita to shareholders will be £42.5m to £52.5m, of which Hurricane Rita is expected to account for £7.5m to £12.5m.
Kiln also said that following the hurricanes, it is seeing good rate rises in many of its core classes of business, most notably its property catastrophe reinsurance, property and marine portfolios of business.
The company now expects average rate increases of 12.5% for 2006, compared with a previous expectation of average rate decreases of some 7.5% across the Kiln portfolio.