Flagstone Estimate U.S. Storms: $25-30m
Flagstone Reinsurance Holdings announced its preliminary estimates for losses occurring in the second quarter of 2011. Losses related to the severe weather activity in the United States that occurred in April and May 2011, are expected to be $25-$30 million, net of reinstatement premiums and retrocession. Their estimated loss is based on an industry loss of between $15 billion and $20 billion.
In addition, due to updated loss estimates for catastrophes that occurred during the first quarter, the Company expects that its collective loss estimate related to these catastrophes will impact the second quarter by $20-$25 million, net of reinstatement premiums and retrocession.
David Brown, Flagstone CEO, commented: “Though only at its midpoint, 2011 is already one of the most unprecedented years for significant global catastrophes the industry has ever seen. Despite these incidents, there was no material impact on our capital, our renewals in the market have been solid, and our overall capital levels remain strong.”
Flagstone’s loss estimates are based on its proprietary modeling analysis, and final tally may vary.
