The Hartford estimates Sandy losses at $370 million

The Hartford has announced its initial loss estimate for “superstorm” Sandy, with gross losses and loss adjustment expenses estimated at $370 million before tax.

Losses and loss adjustment expenses net of reinsurance are estimated at $350 million, before tax, the company said Wednesday. Approximately 60% of the losses are in the Property and Casualty Commercial segment and 40% in Consumer Markets.

The company’s fourth quarter net catastrophe losses through Nov. 30, 2012, are currently estimated to be approximately $230 million, after tax, it added in a statement. 

The Hartford will release its Q4 financial results on Feb. 4, 2013.