Platinum: Initial Loss Estimate of $85 Million

Bermuda based Platinum Underwriters Holdings, Ltd. today announced an initial loss estimate of $85 million from first quarter 2010 catastrophe events that have occurred to date.

The Company’s initial loss estimate includes losses from the  Chile Earthquake, European Winterstorm Xynthia, Melbourne hailstorm, and the East Coast winter storms in the United States.

Platinum’s preliminary loss estimate from first quarter 2010 catastrophe events is based on industry loss estimates, portfolio modeling and a review of individual contracts.

The estimate is net of reinstatement premiums, tax benefits, and retrocessional coverage. The actual net impact on the Company’s results arising from these events may differ materially from the current estimate.

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

Everest Re Group Ltd said it expects losses of approximately $225 million related to the recent earthquake in Chile.

PartnerRe expect to receive claims of $220-$320 million after the severe damage caused by the devastating earthquake in Chile

RenaissanceRe also announced that based on its initial assessment, the impact of the Chilean earthquake on its financial results “will be significant and could be material”.

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