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Validus sees $60m in disaster losses

Major claims: the wildfires in Alberta are estimated to have cost a net loss attributable to Validus Holdings of $26.9 million (Photograph by Ryan Remiorz/The Canadian Press via AP)

Validus Holdings’ second-quarter losses from extraordinary events were $60 million, led by costs from wildfires in Canada, the company has stated.

The wildfires, which were centred on the Fort McMurray region of Alberta, resulted in an estimated net loss attributable to Validus of $26.9 million.

Other major losses include an estimated $15.3 million attributed to the Kumamoto earthquake in Japan, a $10.3 million loss from Texas hailstones, and a $7.5 million loss from the Jubilee Oil event.

In a statement, Validus said the $60 million loss allocated by segment sees Validus Re shoulder $38.7 million, Talbot takes a $19.2 million loss, AlphaCat takes a $1.5 million hit and Western World a $600,000 loss.

The company said the estimates may vary from the preliminary information given.