JOHNSTON, R.I.—Factory Mutual Insurance Co. expects pretax losses of approximately $300 million resulting from Hurricane Katrina.
The Johnston, R.I.-based industrial property insurer—which does business as FM Global—said in a statement that the preliminary loss estimate is net of reinsurance and reinstatement costs, and that the figure falls “well within FM Global’s loss ratio plan for 2005.”
“FM Global has a very strong financial position and equally strong reinsurance programs that will enable us to meet our policyholder obligations,” Shivan S. Subramaniam, the company’s chairman and chief executive officer, said in a statement.
