NICK JOHNSON | NUMIS
We recently upgraded our net tangible asset forecast by two per cent to assume zero hurricane losses. We would expect this to reverse with the inclusion Sandy losses. The impact may ultimately be somewhat offset by stronger than expected investment earnings.
BEN COHEN | CANACCORD GENUITY
We expect consensus to review forecasts for the investment income beat. We expect the loss on Sandy to be material against one year’s earnings but think the company will still build surplus capital this year, particularly in the context of low losses in other areas, and a strong reserve position.
MARCUS BARNARD | ORIEL SECURITIES
Solid progression in premiums and profitability, but too early to estimate Sandy losses. The company note it has been a relatively quiet year prior to superstorm Sandy, which has put it in a good position to absorb losses. It is too early to make meaningful estimates of claims.