Advent sees full-year loss as Ike claims soar

LONDON (Reuters) - Lloyd's of London LOL.UL insurer Advent Capital (ADV.L) expects to report a full-year loss for 2008 after sharply increasing its estimated exposure to Hurricane Ike, it said on Friday.

Advent now expects claims expenses of 42 million pounds ($64 million) from Ike, compared with an initial estimate of 15 million published in October last year.

The insurer blamed the upwards revision on underwater damage to oil rigs and other energy installations in the Gulf of Mexico which was not apparent on first inspection.

"The company expects that, while the 2008 hurricane losses will be partially offset by other underwriting profits, and the release of earned catastrophe margin for the fourth quarter, it will incur a loss for the year," Advent said.

Advent said it had decided to stop insuring offshore energy installations in the Gulf of Mexico against windstorm damage as part of its 2009 business plan.

In 2007, Advent had a pretax profit of 25.2 million pounds.

(Reporting by Myles Neligan; Editing by David Holmes)