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Tower Expects Up to $9.1M in Losses from Northeast Storms, Chubb Expects Up to $125M

Source: Tower Group

Posted on 05 Apr 2010

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Tower Group Inc. expects first-quarter losses between $7.2 million and $9.1 million from storms in the Northeast in March.

Tower said it plans to release first-quarter results May 10. The group reported net income of $30.7 million for the fourth quarter 2009 and $109.3 million of income for the full year, compared with $15.7 million and $57.5 million, respectively.

Tower Group Cos. is a property/casualty insurer that offers a broad range of specialized insurance products and services to small and midsized business and to individuals primarily in the Northeast, Florida, Texas and California, according to BestLink, which provides online access to A.M. Best's Global Insurance & Banking Database.

Chubb Corp. recently said it estimates catastrophe losses of $125 million from the storms in the Northeast.

High winds and record rain battered the Northeast from March 13 to March 15 -- causing downed trees and power outages. State Farm said it had about 6,000 claims from New Jersey, about 7,000 from the New York metro area and more than 1,000 in upstate New York. Nationwide said about 3,400 claims were reported following the storms, with a majority from Pennsylvania and New York. Allstate said it dispatched additional resources to the hardest hit areas to assess damages such as trees on houses and damaged shingles and roofs.