Platinum: Floods Will Cost $27.9M
Bermuda ‘s Platinum Underwriters Holdings, Ltd. said today [Jan. 27] it expects 2011 catastrophes to have a $55.4 million impact fourth-quarter results, including an impact of about $27.9 million for flooding in Thailand.
The Hamilton-based company also expects increases to its estimates for the March earthquake and tsunami inJapanand February New Zealand earthquake of $17.1 million and $11.8 million respectively.
Fourth-quarter net impairment losses on securities related to non-agency residential mortgage-backed securities and sub-prime asset-backed securities are estimated at $13.1 million, net of taxes.
Platinum Underwriters says it does not expect to incur material losses from this month’s “Costa Concordia” cruise ship disaster.
