Fairfax Financial Holdings Ltd. said today its insurance and reinsurance companies could suffer a loss of US$35 million to US$40 million from claims associated with hurricane Charley.

The storm hit the Caribbean earlier this month and authorities estimate it caused as much as US$11 billion damage to insured homes in Florida alone.

Fairfax said its initial estimate is based on a preliminary review and consultation with its insurance companies, including OdysseyRe, Crum & Forster and Northbridge.

“Fairfax recognizes that at this early stage it is not possible to make a calculation of its financial exposure to claims relating to hurricane Charley with a high degree of certainty,” the company said in a news release.