Alterrra Q4 Loss Estimate: $50 Million
Bermuda-based Alterra Capital Holdings Limited said it expects to record fourth quarter 2011 losses from catastrophe events of approximately $50 million, including an initial loss estimate from the severe flooding in Thailand during the fourth quarter of approximately $30 million, pretax and net of reinsurance and reinstatement premiums.
A statement issued by the Company said, “It is expected that losses from the Thai event will largely relate to claims for contingent business interruption. The remaining catastrophe losses recorded in the fourth quarter principally relate to the Japanese Earthquake and Tsunami event.
“Alterra’s loss estimates are based on proprietary modeling analyses, industry assessments of exposure, 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 due to the inherent uncertainties in making such determinations.”
