Validus Estimates Cruise Disaster: $65M
Bermuda-based Validus Holdings, Ltd. said it expects to have exposure of $50 to $65 million after the sinking of the cruise liner “Costa Concordia” off the coast of Italy on January 13th.
A statement from Validus said, “The Company today is providing an initial estimate of losses from the Costa Concordia marine event that occurred on January 13, 2012.
“Based on a total industry insured loss estimate of $845 million to $950 million, Validus expects its loss to be in the range of $50 million to $65 million, net of reinstatement premiums and reinsurance.
“The Company has additional reinsurance in place if the ultimate industry loss increases above the current estimate.
