Yesterday, ACE Limited (ACE) announced its first quarter loss estimates related to the recent catastrophes across its geographical footprint.
ACE Limited said that the losses are estimated to be approximately $125 million, including reinstatement premiums, for the natural disasters. This includes losses from the earthquakes in Chile and Haiti, European windstorm Xynthia, the Madeira floods in Portugal, the Australian hailstorms, U.S. winter storms and other catastrophe events across the globe.
Approximately $75 million of this total amount reflects ACE Limited’s loss estimates from the earthquake in Chile and windstorm Xynthia.
ACE Limited joins Montpelier Re Holdings Ltd. (MRH) and AXIS Capital Holdings Limited (AXS), who have earlier this week also announced their estimates of losses from these catastrophes.
Montpelier expects to incur pre-tax net losses of $75 million to $100 million from the earthquake in Chile. Additionally, the company estimates its combined pre-tax net losses from European Windstorm Xynthia and the Australian hailstorms to be less than $10 million. The estimates of Montpelier are net of reinstatement premiums.
AXIS Capital Holdings Limited also announced that it expects to incur net losses of $60 million to $125 million for the earthquake. In addition, AXIS Capital’s initial estimate of losses from the European Windstorm Xynthia ranges between $10 million and $20 million. The net loss estimates are provided on a pre-tax basis and net of reinstatement premiums.
ACE Limited’s announcement of preliminary loss estimates came after the closing of the market yesterday. Prior to that, shares of the company were up 2 cents or 0.04% to $51.52.
Read the full analyst report on “ACE”
Read the full analyst report on “MRH”
Read the full analyst report on “AXS”
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