Montpelier Re Estimates $75 Mn NZ Quake Losses; $15 Mn Australian Floods

March 16, 2011

Bermuda-based Montpelier Re Holdings announced that its preliminary pretax net loss estimate from the February New Zealand earthquake will be around US$75 million, net of reinstatement premiums. The Company added that its figure “assumes a US$12 billion industry loss.”

Montpelier Re’s estimate of its net losses from the January floods and Cyclone Yasi in Australia “will be up to $15 million.”

It also cautioned that “in view of the uncertainties associated with these initial estimates, actual losses may differ significantly from the estimate.”

Concerning the earthquake and tsunami in Japan, the reinsurer said it has “commenced its estimation process for expected claims relating to this event but believes it is too early to issue a loss estimate at this time.”

Source: Montpelier Re

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