Platinum Estimates Japan Loss: $87 Million
Bermuda based Platinum Underwriters Holdings, Ltd. announced that it expects the Tohoku earthquake and related tsunami that struck the northeastern coast of Japan on March 11, 2011 will have a net negative impact of approximately $87 million on the Company’s first quarter 2011 results.
The net negative impact of this event includes an estimate of losses and loss adjustment expenses, net of retrocessional coverage, reinstatement premiums, taxes and the expected impact of foreign exchange rates.
The Company’s assessment of its exposure to this event is ongoing, and the actual net negative impact of the event on the Company’s results may differ materially from this estimate due to the inherent uncertainties of making such estimates.
