ACE: Estimate $125 Million First Quarter Claims
Ace Limited expect a loss of $125 million and of this total, the bulk of it [approximately $75 million] represents the company’s combined estimate for the earthquake in Chile and windstorm Xynthia.
The other natural catastrophes include the Madeira floods in Portugal, the Australian hailstorms, and American winter storms.
NASA reports that the magnitude 8.8 earthquake in Chile may have shortened the length of each day up to 1.26 microseconds as it was so powerful it shifted Earth’s axis.
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2010 Earthquake/Storm Estimates Given by Bermuda Based Reinsurers to date continue to climb well over a billion:
- Everest Re Group Ltd said it expects losses of approximately $225 million related to the Chilean earthquake.
- PartnerRe expect to receive claims of $220-$320 million after the severe damage caused by earthquake in Chile
- Platinum announced an initial loss estimate of $85 million from first quarter 2010 catastrophe events.
- Validus provided an initial estimate of losses from the earthquake and windstorm of $170 to $270 million.
- Flagstone said its estimated losses from claims related to the recent earthquake in Chile will be $50 million
- Max Capital projects claims of $10 – $20 million
- Axis expects claims of $60 – $120 million from the quake, and $10 – $20 million from storm
- Montpelier Re expects losses of $75 – $100 million from the earthquake
- Hiscox Ltd estimate a combined net loss of approximately $151 million
- XL Capital said estimated first quarter claims could top $200 million
- RenaissanceRe said the impact on its financial results “will be significant and could be material”.
