AXIS: Claims of $60 – $120 Million from Chile

Bermuda-based [re]insurance company AXIS Capital Holdings Limited today provided its initial estimates of the impact of the 2010 Chile earthquake and European Windstorm Xynthia on its financial results.

The Company estimates its net losses relating to the earthquake will be between $60 and $125 million, with net losses relating to the windstorm between $10 and $20 million.

Building destroyed in Concepción after the Feb 27, 2010 Chile Earthquake

Net losses from these events are expected to be contained primarily within the reinsurance segment of the Company. All net loss estimates are provided on a pre-tax basis and net of reinstatement premiums.

These net loss estimates are preliminary and subject to significant uncertainty as there is very limited actual loss data at this time.

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at December 31, 2009 of $5.5 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and Australia.

2010 Earthquake/Storm Estimates Given by Other Bermuda Based Reinsurers:

• Everest Re Group Ltd said it expects losses of approximately $225 million related to the Chilean earthquake.
• PartnerRe expect to receive claims of $220-$320 million after the severe damage caused by earthquake in Chile
• Platinum announced an initial loss estimate of $85 million from first quarter 2010 catastrophe events.
• Validus provided an initial estimate of losses from the earthquake and windstorm of $170 to $270 million.
• Flagstone said its estimated losses from claims related to the recent earthquake in Chile will be $50 million
• Max Capital projects claims of $10 – $20 million
• RenaissanceRe said the impact on its financial results “will be significant and could be material”.

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