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Catlin estimates $200m Sandy loss

Sandy's wrath: Staten Island inundated by the effects of the superstorm

Bermudian insurance and reinsurance underwriter Catlin Group Ltd said yesterday it estimates its losses related to Superstorm Sandy at approximately $200 million.Catlin said the loss estimate is net of reinsurance programme and reinstatements.The company said its estimate is subject to a considerable degree of uncertainty due to the size of the storm system and the wide variety of damage it caused. The Group anticipates that it will have a fuller understanding of the losses caused by the storm when it reports its 2012 full-year results.Sandy struck the US Northeast coast on October 29, killing more than 100 people, flooding New York City subways and ravaging beach towns from New Jersey’s Atlantic City to Bridgeport, Connecticut. The storm left tens of thousands homeless, cut power to more than 8 million homes, crippled mass transit and inflicted billions of dollars in infrastructure damage.