Montpelier Estimates NZ Quake at $75 Million
Days after the Japanese earthquake which is expected to impact Bermuda reinsurers, Montpelier Re Holdings Ltd. today [Mar.14] announced a preliminary estimate of losses from the February earthquake in New Zealand and the January floods and Cyclone Yasi in Australia.
Montpelier estimates its pretax net loss from the New Zealand earthquake will be $75 million, net of reinstatement premiums, which assumes a US $12 billion industry loss. The company estimates its net losses from the January Australian events will be up to $15 million.
A spokesperson said, “In view of the uncertainties associated with these initial estimates, actual losses may differ significantly from the estimate.”
Aspen has commenced its estimation process for expected claims relating to the Japanese earthquake and tsunami, but said they believe it is too early to issue a loss estimate at this time.
