RenRe: Aussie, NZ, Japan Loss Estimates
Bermuda based re/insurer RenaissanceRe Holdings Ltd. yesterday [Mar.16] announced its initial loss estimates for the 2011 Australian flooding as well as the February 2011 New Zealand earthquake, and commented on the recent earthquake and tsunami in Japan. The Company currently expects the 2011 Australian flooding and the February 2011 New Zealand earthquake will have a net negative impact of approximately $30 million and $190 million, respectively, on the Company’s first quarter 2011 results.
The company said it is “assessing its exposures” to the Japanese earthquake, and didn’t provide an estimate, but said their losses “will be significant and is likely to be material.”
CEO Neill A. Currie commented: “We extend our deepest sympathies to the victims of these events and recognize the significant human impact and tragic nature of these catastrophes. As we have demonstrated in prior catastrophes, we stand ready to provide superior customer service to our clients in their time of need. Our strong financial position will enable us to pay valid claims promptly and provide additional reinsurance capacity during this challenging time.”
