Q2: Validus Provides Initial Estimate Of Losses
Bermuda-based Validus Holdings, Ltd. provided an initial estimate of Validus’ net losses from second quarter 2016 notable and non-notable loss events. Validus expects to record losses from these events, net of reinsurance and retrocessional recoveries, noncontrolling interest and reinstatement premiums, in the amount of $60 million.
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 uncertainties inherent in this preliminary information.
As part of the loss evaluation process, Validus has estimated the industry losses from the notable and non-notable loss events as follows: Canadian Wildfires CAD$4.5-6.0 billion [US$3.6-4.8 billion]; Texas Hailstorms $2.8 billion; Kumamoto Earthquake $3.0-4.0 billion; and Jubilee Oil is estimated at over $1.0 billion. The estimates of industry losses are also preliminary and subject to change.
