Validus Estimates Storms at $55-75 Million
Bermuda based re/insurer Validus Holdings, Ltd. provided an initial estimate of combined losses from two severe storms in the United States which took place during April, 2011 and May, 2011, respectively.
The storms, identified as Property Claim Services No. 46 and No. 48, consisted of flooding, hail, tornadoes and wind and took place from April 22, 2011 to April 28, 2011 and May 20, 2011 to May 27, 2011, respectively.
Validus expects to record combined loss and loss expenses from these two storms in the range of $55 million to $75 million, net of reinstatement premiums and reinsurance, retrocessional and other recoveries.
The above estimates are based on Validus’ current evaluation of impacted contracts and information provided by customers and intermediaries. Validus’ actual losses from these events may vary materially from these estimates due to the uncertainties inherent in this preliminary information.
