Validus Holdings has provided an initial estimate of its net losses from second quarter 2016 notable and non-notable loss events.
The company expects to record losses from these events, net of reinsurance and retrocessional recoveries, non-controlling interest and reinstatement premiums, in the amount of $60 million.
As part of the loss evaluation process, Validus has estimated the industry losses from the notable and non-notable loss events as follows: Canadian Wildfires C$4.5-6.0 billion ($3.6-4.8 billion); Texas Hailstorms $2.8 billion; Kumamoto Earthquake $3-4 billion; and Jubilee Oil is estimated at over $1 billion. The estimates of industry losses are also preliminary and subject to change.
The estimates are based on the current evaluation of impacted contracts and information provided by customers and intermediaries. Validus’ actual losses from these events may vary materially from these estimates due to uncertainties inherent in this preliminary information.
Validus, Insurance, Reinsurance, Catastrophe, Risk management