Alterra Estimates Aussie & NZ Losses
Alterra Capital Holdings Limited yesterday [Mar.17] announced initial loss estimates for three recent natural catastrophe events, which include $5 to $8 million related to the Australian floods in January 2011; $6 to $10 million related to Cyclone Yasi on February 2, 2011; and $15 to $20 million related to the New Zealand earthquake on February 21, 2011. Alterra’s loss estimates are pretax and net of reinsurance and reinstatement premiums.
Speaking on the Japanese earthquake and tsunami, Alterra said it “has no information at this time that indicates that its losses from these events will be outside of Alterra’s normal risk tolerances for natural catastrophe events in this geographic region.”
Alterra’s preliminary loss estimates are based on proprietary modeling analysis, industry assessments of exposure, preliminary claims information obtained from Alterra’s clients and brokers to date and a review of in-force contracts. Alterra’s actual losses from these events may vary materially from the estimates.
