SEATTLE--Safeco announced today that its aggregate pretax catastrophe losses for the third quarter are estimated at $195 million. The estimated effect on third-quarter net income is $127 million after tax, or $0.96 per diluted share. Safeco expects its total catastrophe losses to increase the company's third-quarter combined ratio by 13.9 percentage points and that, as a result, its third-quarter combined ratio will be 101.6 percent.
Of the $195 million in estimated pretax catastrophe losses, $183 million represents estimated losses from claims from the four hurricanes -- Charley, Frances, Ivan and Jeanne -- that hit Florida and surrounding states in August and September. The total reflects claims received through Oct. 11, 2004 and future estimates of claims from policyholders with damage from the storms.
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