Flagstone Estimates Thai Floods: $13-18M
Flagstone Reinsurance Holdings, S.A. announced the impact on 2011 fourth quarter results from continuing operations is estimated to be $50 to $55 million, net of reinstatement premiums and retrocession.
The Company’s preliminary estimates for losses from flooding in Thailand during the third and fourth quarter of 2011 is expected to negatively impact its fourth quarter results from continuing operations by approximately $13 to $18 million, net of reinstatement premiums and retrocession. The Company’s estimated loss is based on an industry loss of between $15 billion and $18 billion.
In addition, Flagstone expects minimal impact from the Costa Concordia shipwreck on its 2012 results from continuing operations.
