September 9, 2005
Odyssey Re Holdings Corp., the reinsurance arm of Canada's Fairfax, has issued a bulletin from its Stamford, Conn. headquarters indicating that its net pre-tax losses from Hurricane Katrina are expected to be $80 to $100 million, which represents an after-tax net loss of $52 to $65 million.
The bulletin said the "estimate is based upon an aggregate industry loss of approximately $30 billion.