NZ quake costs Validus up to $50m – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password

NZ quake costs Validus up to $50m

Bermuda reinsurer Validus Holdings Ltd has estimated its losses from last week's deadly New Zealand earthquake at between $25 million and $50 million.

It based this on an industry loss estimate for the earthquake, which left more than 100 people dead in the city of Christchurch, of between $8 billion and $10 billion.

Another Bermuda market reinsurer to be counting the cost of first-quarter catastrophes on the other side of the world was Flagstone Reinsurance Holdings, SA, which said catastrophes in Australia are expected to cost the company between $60 million and $80 million.

These events were large-scale flooding in Queensland and Victoria in January and Tropical Cyclone Yasi, a Category 4 storm which hit northern Queensland earlier this month.

Flagstone said it was too early to estimate losses form last week's earthquake, but stressed that it was protected by multiple layers of reinsurance, should the loss prove to be significant.

You must be Registered or to post comment or to vote.

Published March 01, 2011 at 1:00 am (Updated March 01, 2011 at 9:09 am)

NZ quake costs Validus up to $50m

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon