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Hartford Financial (HIG) Estimates Loss Of $370M From Sandy

 December 11, 2012 10:15 AM

(By Balachander) Hartford Financial Services Group Inc. (NYSE: HIG), an insurance provider, estimates a loss of around $370 million from storm Sandy.

The Hartford, Connecticut-based company said around 60 percent of the losses are in the property and casualty commercial segment and 40 percent in consumer markets.

Hartford expects losses and loss adjustment expenses net of reinsurance at $350 million, before tax.

In addition, the company estimates fourth-quarter net catastrophe losses through Nov. 30, 2012 to be about $230 million, after tax.

Hartford will release its fourth-quarter 2012 financial results on Monday, Feb. 4, 2013.

Wall Street analysts, on average, expect earnings of 45 cents a share on revenue of $6.20 billion for the three months ending December 2012.

HIG shares, which have been trading in the 52-week range of $14.95 to $23.29, traded 0.55 percent higher at $21.94 on Tuesday.

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