Platinum Loss Estimates: 2011 Catastrophes
Platinum Underwriters Holdings, Ltd. announced that it expects losses from major catastrophes in the third quarter of 2011 and increases to its loss estimates for major catastrophes in the first and second quarters of 2011 will have a net negative impact of approximately $112.4 million on the Company’s third quarter 2011 results.
A statement released by the Company said, “The net negative impact from these events includes an estimate of losses and loss adjustment expenses, net of retrocessional coverage, reinstatement premiums, taxes and the expected impact of foreign exchange rates.
“Approximately $14.1 million of the estimated net negative impact relates to Hurricane Irene, which caused extensive flooding and wind damage in the Caribbean and along the East Coast of the United States in late August of 2011.
“This estimate is based on claims information from brokers and clients, a review of the Company’s in-force contracts, portfolio modeling and market share analysis.
“The balance of the estimated net negative impact relates to increases to the Company’s loss estimates for major catastrophes in the first and second quarters of 2011 and is based primarily on new claims information recently received from clients.”
those darn term limits…….what
The loss wasn’t caused by term limits….
okay those darn PLP policies causing hurricanes
when i first read the heading, i thought this was a tourism report…