Validus Holdings said that it expects loss to be in the range of $170m to $270m, net of reinstatement premiums and reinsurance, retrocessional and other recoveries, due to the Chilean Earthquake.
The company expects that Chilean Earthquake will result in total insured industry losses between $4bn and $8bn.
Valildus also provided an initial estimate of losses from European Windstorm Xynthia. The company expects its loss to be in the range of $20m to $30m, net of reinstatement premiums and reinsurance, retrocessional, and other recoveries.
Ed Noonan, chairman and CEO of Validus, said: “Based on current estimates, the Chilean Earthquake is one of the largest non-US events in the history of the global reinsurance market.
As one of the world’s leading catastrophe reinsurers, Validus is committed to supporting our clients in Chile and around the world in the aftermath of this devastating event.”