Arch Estimates Q1 Events At $90-$150m
Yesterday [June 28] Bermuda based re/insurer Arch Capital Group Ltd. announced that their 2011 second quarter results will be negatively impacted by catastrophe events, including the severe weather that hit the U.S. during April and May 2011, the recent New Zealand earthquake and other second quarter events, in the range of $90 million to $110 million, net of reinsurance and reinstatement premiums.
Approximately 85% of this range of estimates relates to the second quarter events, with the balance relating to re-estimation of the first quarter events.
Arch’s preliminary estimates for these events are based on currently available information derived from modeling techniques, industry assessments of exposure, preliminary claims information obtained from the Company’s clients and brokers to date and a review of in-force contracts. Their actual losses from these events may vary materially from the estimates due to the inherent uncertainties in making such determinations.
