Lancashire expects losses of up to $55m from early first-quarter events
Bermuda-based re/insurer Lancashire Holdings Ltd yesterday estimated losses of $45 million to $55 million relating to events that took place in the first quarter, not including last week's Japanese earthquake and tsunami.
The company said that $15 million to $25 million of the losses emanated from last month's deadly earthquake in Christchurch, New Zealand, and the weather-related events in Australia early this year.
An energy loss in the UK sector of the North Sea and claims arising in the company's terrorism portfolio from the political unrest in Egypt made up the remainder of the losses.
Lancashire says it is monitoring its potential exposures in Japan. “The company believes that it is premature to estimate a meaningful indicative reserving range for these events or the resulting impact on first quarter results, reinstatement premiums or market pricing,” the statement read.
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