UPDATE 1-Chubb sees net losses from Sandy of about $570 million

Tue Dec 11, 2012 4:25pm EST

* Was one of most exposed insurers

* Expects new share buyback program next month

Dec 11 (Reuters) - Property insurer Chubb Corp said on Tuesday it expects after-tax losses of $570 million from Superstorm Sandy, and added it will resume its share buyback program.

Chubb was one of the most exposed insurers to Sandy, which struck the Northeastern states on Oct. 29. The company previously suspended its buyback program because it was unsure how much Sandy would cost.

But now that the bill is known, Chubb will resume buybacks, though it said it did not expect to complete its current $1.2 billion authorization by the end of January as planned.

Chubb said it expects to announce a new buyback program in late January.