Arch’s Ike losses rise

BERMUDA’S Arch Capital Group is the latest company to dramatically increase its estimates for losses stemming from hurricane Ike. The company yesterday upped its estimated losses from the storm by $160m, saying around two-thirds of the increase resulted from the company’s expected claims in the onshore and offshore energy lines of business. It is predicting a fourth-quarter profit of between $75m and $90m, which includes expected pre-tax net unrealised and realised investment losses in the range of $150m to $160m.