Flagstone: $50 Million in Losses from Chile Quake

Bermuda-based insurer and reinsurer Flagstone Reinsurance Holdings Ltd. said on Friday March 12 its estimated losses from claims related to the recent earthquake in Chile will be $50 million.

In addition, the claims from Windstorm Xynthia, which hit Western Europe on Feb. 27, are estimated at $3 million to $6 million.

The estimates are preliminary, and net of reinstatement premiums and retrocession.

Shares of Flagstone fell 6 cents to $11.20 in midday trading.

Collapsed highway in Santiago, Chile.

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They join fellow Bermuda based reinsurance companies Everest, PartnerRe, Platinum, Validus and Renaissance Re in announcing initial loss estimates.

• 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.
• RenaissanceRe  announced the impact of the Chilean earthquake on its financial results “will be significant and could be material”.

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