Northbridge Financial Corporation
TSX : NB

Northbridge Financial Corporation

October 06, 2005 17:01 ET

Northbridge Provides Updated Hurricane Loss Estimates

TORONTO, ONTARIO--(CCNMatthews - Oct. 6, 2005) -

(Note: All dollar amounts in this release are expressed in U.S. dollars.)

Northbridge Financial Corporation (TSX:NB) today announced that, based on initial estimates, its aggregate potential net losses relating to Hurricane Rita are expected to be $10 million before taxes. Northbridge also updated its estimate of aggregate potential net losses relating to Hurricane Katrina, which are currently expected to be $30 million before taxes, reflecting new information received and an expected aggregate industry loss estimate of approximately $50 billion. Each of these estimates is based on currently available information and actual losses may vary from estimated losses as additional information becomes available.

Northbridge, which through its subsidiaries provides property and casualty insurance products primarily in the Canadian market as well as in selected U.S. and international markets, is one of the largest commercial property and casualty insurers in Canada. Northbridge common shares are listed and traded under the symbol NB on the Toronto Stock Exchange. Visit Northbridge at www.northbridgefinancial.com for more information.

Certain statements contained in this release may constitute forward-looking statements. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements or other future events. These statements involve known and unknown risks, uncertainties and other factors about the Company, the economy and the insurance industry generally that may cause actual results or events to differ materially from those expressed, implied or anticipated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the risk factors described in our filings with Canadian securities regulators which may be accessed on www.sedar.com. We are under no obligation and have no intention to update or alter any of our forward-looking statements as a result of new information, future events or otherwise, except as required by law. Readers should not place undue reliance on forward-looking statements.


Contact Information

  • Northbridge Financial Corporation
    John Varnell
    Chief Financial Officer
    (416) 350-4300