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TRANSATLANTIC, ALTERRA, ASPEN, AXIS TALLY Q4 CAT LOSSES |
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Industry News
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Wednesday, 25 January 2012 |
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New York-based reinsurer Transatlantic Holdings and Bermudian re/insurers Alterra Capital Holdings, Aspen Insurance Holdings and Axis Capital Holdings on Wednesday each announced estimates of losses from flooding in Thailand during Q4 and updates of catastrophe-related losses for the first nine months of 2011. Transatlantic said that it would post $110m in Q4 cat losses, net of tax, reinstatement premiums and reinsurance, when it posts quarterly and full-year results on February 1. The loss figure includes $72m in losses from the floods in Thailand and $33m from the New Zealand earthquake. Alterra expects its Q4 pretax results to reflect $50m in cat losses, including $30m in claims from the Thai flooding, primarily for contingent business interruption, and around $20m in added losses from the Tohoku earthquake and tsunami in March. Aspen said its Q4 income would be reduced by $54m for the Thai flooding and by another $48m for added losses from catastrophes during the first nine months of 2011, with both figures being net of tax, reinsurance and reinstatement premiums. Aspen said that the updated nine-month loss estimate includes a $36m increase in losses from the Tohoku disaster, reflecting the recognition of a total loss for its participation in the reinsurance programme for a major Japanese mutual. Axis expects Q4 after-tax income to be reduced by $48m from claims from the Thai flooding and another $75m from additional losses from disasters earlier in the year, including $31m related to the New Zealand quake and $32m from the Tohoku disaster.
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Last Updated ( Thursday, 01 March 2012 )
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