Quanta Capital has reported estimated losses of up to $58m from hurricanes Katrina and Rita.
The Bermuda-based insurer and reinsurer said it expected Hurricane Katrina to generate losses of between $40m and $50m while Rita is expected to make losses of between $2m and $8m.
Following the announcement, US-based AM Best placed its ‘A-' financial strength rating of Quanta Reinsurance and insurance operating subsidiaries, Quanta Indemnity, Quanta Reinsurance US, and Quanta Specialty Lines Insurance under review with negative implications.
The ratings agency also put the A- financial strength rating of Quanta Europe under review with negative implications.
