Validus estimates losses from Tianjin and Chile events at $63.9m

Bermuda-based re/insurance provider Validus Holdings has estimated that its losses relating to the explosion at the port of Tianjin, China, on August 12 and the earthquake in Chile on September 16, could reach $63.9 million.

The net impact to Validus is based on the company’s internal models, external reports plus other event information and loss reporting from impacted re/insureds.

The company said that the loss estimates are established mainly on the basis of exposure analysis and industry loss estimates due to the absence of significant client loss reporting on the events.

Due to limited reported losses, the complexity of the events and uncertainties inherent in this preliminary information, Validus’ actual ultimate losses from these events may vary materially from this initial estimate.