Four reinsurers report $1.1b combined loss
Created: May 02, 2011 01:00 AM (Updated: May 02, 2011 06:18 PM)
Four companies from the Bermuda re/insurance market tonight announced combined first-quarter net losses of more than $1.1 billion, as catastrophe losses took a heavy toll.PartnerRe reported a net loss of $807 million, as the company was hit by catastrophe losses of $1.07 billion related to natural disasters in Japan, New Zealand and Australia.Meanwhile, Flagstone Re lost $161 million in the first three months of the year, Endurance lost $87 million and Argo Group suffered a $92 million net loss.Read full details in tomorrow’s Business section.