Exposure to NZ quake ranges from $35m to $70m
Bermuda- based Arch Capital Group has issued a negative profit warning for its 2011 first quarter results.
The (re)insurer said in a statement it will be negatively impacted by the February New Zealand earthquake in the range of $35m to $70m, net of reinsurance and reinstatement premiums.
This preliminary loss estimate is based on industry insured losses ranging from $6 billion to $12 billion.
Arch also said while it was too early to issue a loss estimate for Japan, the company’s exposure to property losses could be up to $100m, before tax and reinsurance recoveries, based on the company’s cat modelling as of 1 January 2011.