RenRe estimates $190m NZ quake loss – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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RenRe estimates $190m NZ quake loss

RenaissanceRe Holdings Ltd expects its losses from the Japanese earthquake to be significant and material, according to initial assessments.

The re/insurer said it provides meaningful reinsurance and retrocessional excess of loss reinsurance coverage for earthquake and tsunami risk in Japan, and is currently assessing its exposures to the disaster.

RenRe has also announced initial loss estimates of $190 million and $30 million respectively for last month's New Zealand earthquake and the Australian floods earlier this year.

Neill Currie, chief executive officer of RenRe, said: “We extend our deepest sympathies to the victims of these events and recognise the significant human impact and tragic nature of these catastrophes.

“As we have demonstrated in prior catastrophes, we stand ready to provide superior customer service to our clients in their time of need. Our strong financial position will enable us to pay valid claims promptly and provide additional reinsurance capacity during this challenging time.”

Neill Currie

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Published March 17, 2011 at 10:03 am (Updated March 17, 2011 at 10:03 am)

RenRe estimates $190m NZ quake loss

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