Reinsurer’s Q1 cat losses now stand at $355m

Transatlantic Re has estimated that the 11 March earthquake and tsunami will cost it $240m, net of tax.

The estimate assumes an industry-wide loss from the Japan events of between $25bn and $30bn.

The addition of the $240m Japan loss brings Transatlantic’s total net catastrophe loss estimates for Q1 2011 to $355m. The total includes a $115m combined loss from the first-quarter events in Australia and the New Zealand earthquake in February.

“We wish to extend our deepest sympathies to all those who are suffering as a result of the tragic events of the first quarter in the Asia-Pacific region and acknowledge the heroic efforts of those assisting in the monumental task of recovering from these events,” Transatlantic chief executive Robert Orlich said in a statement. “We also want to extend our thanks to our local staff for their steadfast courage and resolve at this difficult time. Our teams on the ground are supported by the considerable resources of Transatlantic’s worldwide organization as they continue to serve our clients in the region.”

Orlich added that Transatlantic remains financially strong, with shareholders’ equity of $4.3bn at the end of 2010.