Chubb estimates $570 million in net losses from Sandy

The Chubb Corp. has estimated its losses from “superstorm” Sandy to be about $570 million after tax, the company said Tuesday.

That amount, which equates to $880 million before tax, includes estimated losses and loss expenses net of reinsurance recoverable and also includes estimated reinsurance reinstatement premiums.

The company had previously announced it had temporarily suspended the repurchase of its common stock under its share repurchase program.

Chubb now intends to resume repurchasing its shares, although it said it no longer expects to complete repurchases under its current $1.2 billion authorization by the end of January 2013 as previously contemplated.

After the Board of Directors’ annual review of Chubb’s share repurchase program in January 2013, Chubb said it  expects to announce an additional share repurchase authorization at the same time it announces its fourth quarter 2012 financial results.

Chubb expects to announce its fourth quarter 2012 financial results on Jan. 31, 2013 after the close of the market.