Everest estimates NZ quake losses of up to $210m – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Everest estimates NZ quake losses of up to $210m

Everest Re Group Ltd. has issued preliminary loss estimates of between $140 million and $210 million for last month's New Zealand earthquake.

The company also expects gross losses of $45 million in the first quarter due to this year's Australian floods, while losses arising from Cyclone Yasi were expected to be relatively immaterial.

Commenting on the devastating earthquake that hit Japan last week, Joseph Taranto, Everest chairman and CEO, said: “Our thoughts and sympathies are with the people of Japan as they deal with these tragic events. We have long relationships in the Japanese market and remain committed to providing our support during this most difficult time.”

Mr Taranto continued: “While we expect this loss to be significant, it is still too early to provide a reasonable or reliable estimate considering the fluidity of the situation. Nonetheless, given the strength of our balance sheet and our core earnings, we have ample capacity to withstand the events that occurred during the first quarter and to continue to support our clients.”

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Published March 17, 2011 at 7:00 pm (Updated March 17, 2011 at 7:03 pm)

Everest estimates NZ quake losses of up to $210m

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