(Re)insurer does not expect a material impact from 2011 losses to date
Bermuda based (re)insurer Validus Holdings expects a loss of between US$25m and US$50m from the most recent New Zealand earthquake.
A magnitude 6.3 quake hit the New Zealand city of Christchurch on 22 February. The danage is expected to be greater than for the 7.1 magnitude earthquake that hit the city in September last year.
Validus is basing its loss estimate from the most recent quake on an industry-wide loss of NZ$8bn to NZ$10bn (approximately US$6bn to US$7.5bn at current exchange rates).
The (re)insurer aded that it does not expect aggregate losses from the 2011 catastrophes to date to have a material impact in its shareholders' equity, and expects top report positive net operating imcome for the first quarter of the year.
Loss events so far this year include the January floods and Typhoon Yasi in Australia and civil unrest in the Middle East as well as the New Zealand earthquake.