Validus Initial Estimate Of Losses: $378.9M

October 10, 2017

Bermuda-based Validus Holdings, Ltd. provided an initial estimate of Validus’ net losses from third quarter 2017 loss events.

Validus expects to record losses from these events, net of reinsurance, retrocessional recoveries, noncontrolling interest and net impact on premiums earned, in the amount of $378.9 million.

As part of the loss evaluation process, Validus has estimated the industry losses from these loss events, excluding losses to the National Flood Insurance Program, as follows: Hurricane Harvey $20 – $30 billion, Hurricane Irma $25 – $40 billion, Hurricane Maria $25 – $45 billion and Mexico City Earthquake $2 – $4 billion. These estimates of industry losses are preliminary and subject to change.

Ed Noonan, Validus’ Chairman and Chief Executive Officer, stated, “The devastation caused by these disasters has inflicted significant suffering and loss to tens of millions of people, and our first thoughts are for those whose lives have been disrupted.

“A key part of what we do is to help people recover from the financial impact of catastrophes. We will pay significant amounts in this regard, and it is a moment in which I am proud of the role that our company and our industry performs for communities all over the world. Validus is a strong company, and we are very prudent in our risk management.

“As we look to the rest of the year we continue to be well positioned with significant retrocessional and reinsurance protection in place. While these events will affect each of our businesses, our financial position allows us to sustain these events with no disruption.”

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