Chubb estimates pretax Sandy losses up to $880 million

Chubb Corp. estimates its losses from Superstorm Sandy to be approximately $880 million before tax, or $570 million after tax, the Warren, N.J.-based insurer said Tuesday.

These amounts include estimated losses, loss expenses net of reinsurance recoverable, and estimated reinsurance reinstatement premiums.

As previously disclosed, in light of Sandy and the uncertainties surrounding it, Chubb temporarily suspended the repurchase of its common stock under its share repurchase program.

“Following this announcement, the company intends to resume repurchasing its shares, although it no longer expects to complete repurchases under its current $1.2 billion authorization by the end of January 2013 as previously contemplated,” said Chubb in a statement.