Baldwin & Lyons Predicts $15.5M Loss from International Catastrophes

Indianapolis, Ind.-based property and casualty insurer Baldwin & Lyons Inc. announced that, based on preliminary information received from its ceding reinsurers, the estimated after tax loss associated with first quarter catastrophes, including the Christchurch, New Zealand, earthquake, the Sendai, Japan, earthquake and the Australian floods and Cyclone Yasi, will total $15.5 million.

The largest loss, $8.7 million, relates to the Japan earthquake while the New Zealand earthquake loss is $5.3 million and the Australian events total $1.5 million.

The company said preliminary loss estimates are based on evaluations of these recently occurring events, as reported to-date, which are heavily dependent on portfolio modeling, as well as discussions with cedents and brokers. The actual net impact on results arising from these catastrophes could differ from the current estimates.

Baldwin & Lyons has a concentration on large and medium-sized fleets in the transportation industry. Additionally, the company’s product offerings include coverage for private passenger automobile, small fleet trucking, commercial property, and selected professional liability lines as well as a limited program of reinsurance assumed.

Source: Baldwin & Lyons

Topics Catastrophe Profit Loss