Maiden expects minimal losses
Bermuda-based reinsurer Maiden Holdings Ltd said yesterday that it anticipates minimal, if any, losses related to last week's earthquake and tsunami in Japan, or from this year's flooding in Australia or last month's earthquake in New Zealand.
Maiden said its loss estimate is derived from an in-depth review of in-force contracts and related exposures.
“Maiden's lower volatility business model maintains limited exposure to catastrophic risks,” today's statement said.
“As a result, the company does not typically issue loss estimates. Given the apparent magnitude of the Japanese earthquake and tsunami, and the anticipated cumulative industry-wide effect of recent catastrophic events, the company felt it was appropriate to comment on these matters.”