Lancashire Japan Quake Estimate: $75 Million
Lancashire Holdings Limited today announced that it currently estimates the net impact on its first quarter financial results from the Tohoku earthquake and resulting tsunami will be approximately $75 million.
This estimate is based on an industry loss of $25 billion, Lancashire’s own internal assessment and the limited amount of information received to date from brokers and clients. Lancashire’s estimated loss represents 68% and 37% of its 1 in 100 year and 1 in 250 year Japan earthquake net probable maximum losses, respectively, based on its portfolio at 1st January 201.
As additional information emerges, the Company’s actual ultimate loss may vary, perhaps materially, from today’s estimate. In particular, the ultimate loss incurred by Japanese co-operative mutual companies could significantly impact the industry loss, and the ultimate loss incurred by Lancashire.
