Platinum Underwriters Holdings, Ltd. Comments On Recent Natural Catastrophe Events
U.S. Newswire › March 22, 2011
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Summary
HAMILTON, Bermuda, March 22, 2011 /PRNewswire/ -- Platinum Underwriters Holdings, Ltd. (NYSE: PTP) announced today its preliminary loss estimates for the 2011 Australian floods and Cyclone Yasi and the 2011 New Zealand earthquake. The Company also reaffirmed its confidence in the adequacy of its loss reserves for 2010 natural catastrophe events and commented on the recent earthquake and tsunami in Japan.
The Company currently expects the 2011 Australian floods and Cyclone Yasi and the 2011 New Zealand earthquake will have a net negative impact of approximately $25 million and $135 million, respectively, on the Company's first quarter 2011 results. The net negative impact of these events includes estimates of losses and loss adjustment expenses, net of reinstatement premiums, taxes, retrocessional coverage and the expected impact of foreign exchange rates. The Company's preliminary estimates are based on currently available industry loss estimates, market share analysis, the Company's portfolio modeling and a review of the Company's in-force contracts, as well as claims information and analysis received from certain brokers and clients.See the full content of this document
Extract
Platinum Underwriters Holdings, Ltd. Comments On Recent Natural Catastrophe Events
The Company currently believes the reserves it carries for natural catastrophe events that occurred in the year ended December 31, 2010, including the earthquakes in Chile and New Zealand, are adequate.
The Company provides reinsurance coverage for earthquake and tsunami ri...See the full content of this document
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