Allied World Assurance Company Holdings, AG has announced that it expects to record approximately $65 million to $75 million in catastrophe related losses and loss expenses in the second quarter of 2011.
The company said the majority of those losses – approximately $40 million to $50 million – were caused by “weather-related events in the United States and approximately $25 million for additional expected losses from first quarter catastrophe events in New Zealand and Japan. These amounts are pre-tax and net of reinsurance recoverables.”
Allied World also explained that the “loss estimates for these events are derived from preliminary information obtained from clients and brokers, a review of the terms of in-force policies and contracts, a review of outward reinsurance agreements and from our catastrophe modeling analysis.
“Actual ultimate losses from these events may vary materially from the current estimates due to inherent uncertainties resulting from several factors, including the preliminary nature of loss data available, potential inaccuracies and inadequacies in the data that has been provided and the potential for catastrophe modeling inaccuracies.”
Source: Allied World Assurance
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